Following the Presidential Election Tribunal , President Tinubu Continues Business In India As Presidential Tribunal Rules On His Victory.
Four major Indian companies have pledged to invest a substantial $14 billion in Nigeria. This exciting development was announced during a special meeting held between leaders from Nigeria and India.
Ajuri Ngelale, the special adviser to President Bola Tinubu on media and publicity, shared this news with the public.
Nigeria’s President, Tinubu, expressed his appreciation for the Indian companies during the meeting. He specifically addressed four Indian conglomerates, including Indorama Petrochemical Limited and Jindal Steel and Power Limited, stating, “Your investments in Nigeria will yield substantial profits.”
President Tinubu is currently in New Delhi, India, for a significant gathering of global leaders known as the G20, scheduled for September 9 and 10.
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He also emphasized that Nigeria offers excellent investment opportunities and assured the Indian businesses that his team possesses the expertise to enhance the country’s prosperity through strategic planning and infrastructure development.
President Tinubu declared, “Don’t hesitate; don’t be apprehensive about investing in Nigeria. Bring your investments forward, ask questions, and make requests. The potential for trade and investment is enormous. I lead a capable team, and I am committed to resolving any challenges that arise.”
Indorama Petrochemical Limited has committed $8 billion to expand its fertilizer production and petrochemical facility in Eleme, Rivers.
Jindal Steel and Power Limited, one of India’s prominent private steel producers, has pledged $3 billion for investment.
Jitender Sachdeva, the founder of SkipperSeil Limited, has announced a $1.6 billion investment to establish 2,000MW power generation plants in northern Nigerian states.
Ngelale also revealed that a new partnership with the management arm of the Indian government’s military-industrial complex has resulted in a $1 billion agreement. This agreement aims to enhance the self-sufficiency of the Defense Industries Corporation of Nigeria (DICON) in local manufacturing and production of defense equipment, targeting 40% self-sufficiency by 2027.
Furthermore, Bharti Enterprises has committed to invest an additional $700 million in Nigeria.