From Victor Osula, Abuja
At the ongoing G-20 Summit in New Delhi, India, President Bola Tinubu has been able to attract investment pledges to the tune of$14 billion during Nigeria -India economic roundtable. The confab starts from September 9 to 10.
Indorama Petrochemical Limited, one of Asia’s leading holding companies already operating on PortHarcourt producing ammonia and granular urea for fertilizer, pledged a new investment of $8 billion U.S. dollars in the expansion of its fertilizer production and petrochemical facility in Eleme, Rivers State.
Also, Jindal Steel and Power Limited, one of India’s largest private steel producers, committed to investing $3 billion in iron ore processing and steel development in Nigeria, following discussions with President Tinubu on the sidelines of the G-20 Summit in New Delhi, India.
Others are Founding President of SkipperSeil Limited, Mr. Jitender Sachdeva who announced that, following President Tinubu’s personal intervention, he was investing $1.6 billion U.S. dollars in the establishment of twenty 100MW power generation plants across the states of Northern Nigeria. This would amount to 2,000MW of new power within the next four years.
The President also finalized a new $1 billion U.S. dollar agreement to bring the Defense Industries Corporation of Nigeria (DICON) to 40 per cent self-sufficiency in local manufacturing and production of defense equipment in-country by 2027 through a comprehensive new partnership with the Managing Arm of the Miltary-Industrial Complex of the Indian Government.
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, expressed its commitment to invest an additional $700 million in Nigeria, with work set to begin immediately.
Tinubu is expected back in Nigeria on September 10, 2023. In his entourage are Minister of Finance, Wale Edun, Minister of Industry, Trade and Investment, Doris Anite and Minister of Foreign Affairs, Ambassador, Yusuf Tuggar.
