FG thanks Indian investors for pledging billion dollars investment in Nigeria

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this on Wednesday at the Nigeria-India Presidential Roundtable themed, “Building Partnerships with Renewed Hope for a Diversified and Prosperous Economy,” in New Delhi, India.

Presidential spokesman, Chief Ajuri Ngelale, made this known in a statement in Abuja.

Edun applauded Naveen Jindal, Chairman of Jindal Steel and Power Limited, for the new three billion U.S. dollars investment in iron ore processing and steel development in Nigeria.

He also commended the Tata Group and others that have immediately responded to the President’s bold and decisive moves to correct the major systemic faults in the macro-economic and investment climate in Nigeria.

The Finance Minister noted, “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 dollars more in Nigeria.”

Edun explained to the investors the underlying principles of Tinubu’s eight-point strategy, adding that it aimed to promote growth, job creation and poverty reduction.

Others include food security, improved access to capital, inclusivity, business and citizen security, and fair play on a foundation of rule of law and anti-corruption.

On behalf of the investors, Chairman of Bharti Enterprises, Sunil Mittal, told the President, “You have unified the forex 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.”

Also, at the event, Nigeria’s Minister of Communication, Innovation and Digital Economy, Dr Bosun Tijani, and his counterpart from India’s Ministry of Electronics and Information Technology signed a Memorandum of Understanding (MoU).

It is for Cooperation in the field of Sharing Successful Digital Solutions, to be implemented at total population scale for digital transformation.

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

Under the watch of Nigeria’s Industry, Trade and Investment Minister, Dr Doris Uzoka-Anite, a third MoU on Infrastructure Development was signed between the Infrastructure Corporation of Nigeria Limited (InfraCorp) and Invest India.

Others that signed the MoU are the National Investment Promotion and Facilitation Agency of India.

These MoUs would help investors looking for investment opportunities and options in India.

Closing the interactive session, Chandrajit Banerjee, the Director-General of the Confederation of Indian Industries (CII), noted that the Presidential Roundtable serves as a robust foundation for Indian businesses looking to engage with Nigeria.

He said that this would encompass cooperation across key areas, such as capacity building, skills development, agriculture, and the enhancement of digital and physical infrastructure.

“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 said.

The Presidential roundtable was also attended by Gov. Dapo Abiodun of Ogun, Yusuf Tuggar, Minister of Foreign Affairs and industry leaders from India and Nigeria.

Following the Roundtable, the President met individually with each of the top pledging investors to finalise on the next steps to ensure that no environmental encumbrance stands in the way of their success in Nigeria.