$14b pledges: Tinubu says Nigeria best on ROI, lauds Indian investors
President Bola Tinubu, yesterday, lauded Indian investors for pledges of nearly $14 billion during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India.
Tinubu told the investors: “We are ready to give you the best returns for investment possible. There’s nowhere else like our country. Nigeria offers the best returns for investment today, so invest now.”
A statement issued by Special Adviser to the President on Media and Publicity, Ajuri Ngelale, explained that Indorama Petrochemicals Limited pledged $8 billion towards expansion of its fertiliser production and petrochemical facility in Eleme, Rivers State.
Jindal Steel and Power Limited, one of India’s largest private steel producers, committed to investing $3 billion, following discussions with Tinubu on the sidelines of the G20 Summit.
Founding President of SkipperSeil Limited, Mr. Jitender Sachdeva, announced that, following Tinubu’s personal intervention, he is investing $1.6 billion towards the establishment of 20 100MW power generation plants across states of northern Nigeria, amounting to 2,000MW of new power within the next four years.
According to the statement, the President approved finalisation on a new $1 billion agreement to bring the Defense Industries Corporation of Nigeria (DICON) to 40 per cent self-sufficiency in local manufacturing and production of equipment, in-country, by 2027, through a new partnership with the managing arm of the military-industrial complex of the Indian government.
Also, another Indian firm, Bharti Enterprises, which is a major first-generation corporation in India with interests in telecom, space communications, digital solutions, insurance, processed foods, real estate, and hospitality, expressed commitment to invest an additional $700 million in Nigeria, with work set to begin immediately.
The statement quoted Tinubu as saying: “Do not procrastinate. Don’t be frightened about investments in Nigeria. Bring it on. Ask your questions and make your requests. The trade and investment opportunities are enormous. I have a team, and I am the captain of that team, and I assure you that we will solve problems.”
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