Ahead Of G20 Summit, Indian Investors Pledge Over $14 Billion In Key Sectors Of Nigeria

Nigeria has received commitments of over $14 billion from Indian investors and is seeking an economic cooperation pact with India, according to a statement from a presidential spokesperson.

Jindal Steel and Power has pledged $3 billion to Nigeria's steel sector, while Indorama Corp plans to invest an additional $8 billion to expand its petrochemical facility in the country, according to a Reuters report.

Skipperseil Ltd's Chairman, Jitender Sachdeva, and India's Bharti Enterprises have also made significant pledges of $1.6 billion each, over four years, to build power generation plants.

Bharti Enterprises has planned an additional $700 million investment in Nigeria.

In addition to these, Nigeria has approved a partnership agreement with the Indian government worth $1 billion.

This agreement aims to help the Defence Industries Corporation of Nigeria achieve 40 per cent self-sufficiency in local manufacturing and production of defence equipment within three years.

Overall, these investments and partnerships are expected to significantly boost Nigeria's economy and strengthen its ties with India.

President Bola Tinubu is set to attend the G20 summit in New Delhi later this week, representing a guest country. As part of his visit, he engaged in discussions with Indian investors during the Nigeria-India presidential roundtable and conference.

The main objective of these talks was to attract global capital for infrastructure development.

Tinubu's attendance at the summit is by invitation from India, which currently holds the rotating presidency of the bloc.

In a statement, President Tinubu expressed the readiness of Nigeria to offer the best possible returns on investment. He emphasised that there is no other country quite like Nigeria in terms of investment opportunities.