By Adedapo Adesanya
**Attracts $14bn Investment Pledges
President Bola Tinubu on Wednesday commended Indian investors for significant investment pledges amounting to nearly $14 billion during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India.
Among these many new investments, Indorama Petrochemical Limited pledged $8 billion in the expansion of its fertilizer production and petrochemical facility in Eleme, Rivers State.
Others include Jindal Steel and Power Limited, one of India’s largest private steel producers, which committed to investing $3 billion in Nigeria while the Founding President of SkipperSeil Limited, Mr Jitender Sachdeva, announced $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.
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.
Speaking at the event, President Tinubu said, “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.”
President Tinubu expressed gratitude to all Indian companies and individuals who have responded positively to his administration’s efforts to improve Nigeria’s macroeconomic and investment climate.
“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 solve problems.”
He told that prospective investors that 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, reiterating 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.
The President also told the Summit that “he is proud” that the Nigerian stock market had broken records in its consistent bullishness since he assumed office.
Additionally, President Tinubu approved the finalisation of 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 defence equipment in-country by 2027. This will be done through a comprehensive new partnership with the Managing Arm of the Military-Industrial Complex of the Indian Government.
On behalf of investors, the Chairman of Bharti Enterprises, Mr Sunil Bharti Mittal told the President, “You have unified the FX market. You have freed up crucial capital to upgrade your public infrastructure. Now, you have just dropped your prepared remarks and have spoken from your heart.
“Our investors have heard from a leader who is doing everything possible to attract capital to Nigeria for the benefit of Nigerians and our companies. Mr. President, we will bring these investments to Nigeria, and with your inspiring leadership style, we can only do more and more.”
Modupe Gbadeyanka