Tinubu woos investors from India, promises best returns for investment
President Bola Ahmed Tinubu has wooed investors from India who have also made significant investment pledges amounting to nearly $14 billion U.S. dollars in Nigeria.
Tinubu’s spokesperson, Ajuri Ngelale, on Wednesday in a statement said the president commended the investors for their commitment during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India.
“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,” Ngelale quoted Tinubu as saying.
Among these many new investments, Indorama Petrochemical Limited has pledged a new investment of $8 billion in the expansion of its fertilizer production and petrochemical facility in Eleme, Rivers State.
Jindal Steel and Power Limited, one of India’s largest private steel producers, has committed to investing $3 billion in Nigeria, following discussions with President Tinubu on the sidelines of the G-20 Summit in New Delhi, India.
The founding President of SkipperSeil Limited, Jitender Sachdeva, announced that, following Tinubu’s personal intervention, he is investing $1.6 billion in the establishment of twenty 100MW power generation plants across the states of Northern Nigeria, amounting to 2,000MW of new power within the next four years.
Additionally, Tinubu has approved the finalization of a new $1 billion agreement to bring the Defense Industries Corporation of Nigeria (DICON) to 40% self-sufficiency in local manufacturing and production of defense equipment in the country by 2027 through a comprehensive new partnership with the Managing Arm of the Miltary-Industrial Complex of the Indian Government.
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 has expressed its commitment to invest an additional $700 million in Nigeria, with work set to begin immediately.
Emphasizing that under his pragmatic leadership, agreements must now manifest in industries and jobs on the ground in Nigeria, President Tinubu expressed gratitude to all Indian companies and individuals who have responded positively to his administration’s efforts to improve Nigeria’s macroe-conomic and investment climate.
“Do not procrastinate. Don’t be frightened about investments in Nigeria. Bring it on. Ask your questions and make your requests,” Tinubu said.
“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 solve problems,” the President affirmed.
Ngelale said that prospective investors were informed by the President that in Nigeria, there is no free lunch or shortcuts, but that he has “good economic policy for the investors as well as able men and women in leadership and on the ground, who can drive the goal of broad prosperity through investment and infrastructure.”
“I will captain and lead the course of investment, development, and prosperity for the largest democracy in Africa and for investors from the rest of the world,” the President added.
He also reiterated that Nigeria is open for business with intelligent, innovative, capable and highly committed individuals in government who are ready to drive the largest economy in Africa to destiny.
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