Edun, Tijani, Uzoka-Anite Laud Investment Commitments from India   

September 7, 2023
Wale Edun Monetary Policies

By Adedapo Adesanya

Ministers at the Nigeria-India Presidential Roundtable and Conference in New Delhi, India, have lauded the investment pledges amounting to nearly $14 billion that were committed by private Indian companies.

The Ministers, alongside the President, Mr Bola Tinubu, are in the South Asian country, seeking to woo investors before the commencement of the G20 Summit starting later this week.

Some of the investments range from fertilizer production to steel production to telecommunications, to power generation.

On his part, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, who addressed the roundtable themed Building Partnerships with Renewed Hope for a Diversified and Prosperous Economy, thanked Mr.Naveen Jindau, Chairman of Jindal Steel and Power Limited, for the new $3 billion investment in iron ore processing and steel development in Nigeria.

He commended the Tata group and others who have immediately responded to President Tinubu’s reforms to correct the major systemic faults in the macro-economic and investment climate in Nigeria.

“I also wish to thank Mr Sunil Bharti Mittal, founder and Chairman of Bharti Enterprises, for his continued commitment to invest in the first phase at least $700 million more in Nigeria,” Mr Edun said.

He further used the opportunity to explain the underlying principles of President Tinubu’s eight-point strategy, emphasizing that his agenda aims to promote growth and job creation, poverty reduction, food security, improved access to capital, inclusivity, business and citizen security, and fair play on a foundation of rule of law and anti-corruption.

Also, at the event, Nigeria’s Minister of Communication, Innovation and Digital Economy, Mr Bosun Tijani, and his counterpart from India’s Ministry of Electronics and Information Technology signed a Memorandum of Understanding (MoU) for cooperation in the field of Sharing Successful Digital Solutions, to be implemented at total population scale for digital transformation.

The Minister also signed an MoU with Central Square Foundation for cooperation in the field of Sharing Successful Ecosystems, which involves interventions relating to education technology, to be implemented at the population scale for digital economic transformation.

Under the watch of Nigeria’s Industry, Trade and Investment Minister, Mrs Doris Uzoka-Anite, a third MoU on Infrastructure Development was signed between the Infrastructure Corporation of Nigeria Limited (InfraCorp) and Invest India, the National Investment Promotion and Facilitation Agency of India, which helps investors looking for investment opportunities and options in India.

Speaking at the closing of the interactive session, Mr Chandrajit Banerjee, the Director-General of the Confederation of Indian Industries (CII), noted that the Presidential Roundtable served as a robust foundation for Indian businesses looking to engage with Nigeria and would encompass cooperation across key areas, such as capacity building, skills development, agriculture, and the enhancement of digital and physical infrastructure, among others.

“Under the determined leadership of President Tinubu, the CII is prepared to dispatch a high-level delegation to Nigeria, and we are keen on establishing a second presence in Africa, with Nigeria as our target destination,” he concluded.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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