Nigeria has made significant strides in bolstering its economic ties with India, securing a substantial portion of the promised $14 billion investment deal pledged during the G20 Summit held in India last year.
The Indian ambassador to Nigeria, Mr. Balasubramanian, announced the milestone during the 75th Day of India celebrations in Abuja, shedding light on the burgeoning relationship between the two nations.
The investment deal, a testament to the historical and robust ties between India and Nigeria, marks a pivotal moment in their bilateral cooperation.
According to reports, Nigeria has successfully signed agreements amounting to $7 billion, representing half of the total investment commitment made during the G20 Summit.
This influx of investment capital is poised to inject vitality into various sectors of Nigeria’s economy, fueling growth and fostering development.
During the Nigeria-India Presidential Roundtable and Conference held in New Delhi, Nigerian officials engaged in fruitful discussions that culminated in securing pledges worth $14 billion from Indian investors.
The investments span diverse sectors, with notable contributions earmarked for Nigeria’s steel and petrochemical industries.
Jindal Steel and Power’s commitment of $3 billion towards Nigeria’s steel sector and Indorama Corporation’s plan to expand its petrochemical facility with an additional $8 billion investment stand as prime examples of the tangible outcomes of this bilateral cooperation.
The ambassador’s remarks underscored the enduring bonds between India and Nigeria, dating back to before Nigeria’s independence, and highlighted the pivotal role played by President Bola Tinubu’s visit to the G20 Summit in solidifying these ties.
As Nigeria embarks on its journey towards economic revitalization and industrialization, the $7 billion investment infusion from India serves as a beacon of hope, promising transformative opportunities and sustainable growth for the nation and its people.