Steel Manufacturers Laud $14bn Nigeria-India Investment Commitment

September 12, 2023
steel manufacturers

By Adedapo Adesanya

The Basic Metal, Iron, and Steel Products arm of the Manufacturers Association of Nigeria (MAN) has commended President Bola Tinubu for the move towards the nation’s economic growth at the just concluded Nigeria-India economic roundtable meeting in India.

This is contained in a statement from the Chairman of the group, Mr Kamoru Yusuf, on Monday in Ilorin, Kwara State.

The group commended the President for attracting $14 billion in investment to boost the country’s economy.

According to the statement, the feats recorded by the Tinubu-led administration within 100 days of its inauguration will no doubt accelerate economic recovery and business growth in the steel sector.

“President Tinubu has, by all standards, demonstrated his love and readiness to support industrialists.

”We, in the Iron and Steel sector of MAN, are ready to support his administration with data, workable templates, and a roadmap that will support him in his endeavour to succeed in his mandates to Nigerian citizens.

“As major stakeholders in Nigeria’s project, we received this news with huge excitement and a sense of fulfilment.

”We hope that the breakthrough will further change the game of operations as ‘Risk Takers’ in the nation’s business environment.

”We pledge our unalloyed support to your administration towards ensuring and providing an enabling atmosphere for industrialists to continue to thrive,” the statement read in part.

The group emphasised that Mr Tinubu’s efforts in attracting such a substantial investment for Nigeria’s steel sector deserved a standing ovation and applause.

The group also promised to continue to support the Minister for Steel Development, Mr Shuaibu Audu, in the discharge of his duties at all times.

Recall that last week, President Tinubu, on the sidelines of the G20, met with Indian investors and negotiated 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, and Jindal Steel and Power Limited, one of India’s largest private steel producers, which committed to investing $3 billion in Nigeria.

Also, 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.

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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