The government of India has approved the investment of $7 billion for Nigeria as part of the $14 billion foreign investment the country promised to Nigeria during the G20 Summit in India last year. Indian High Commissioner to Nigeria, Shri G. Balasubramanian, who made this disclosure during the country’s 75th Republic Day celebrations noted that India and Nigeria enjoy strong and historical relations. With the ties dating back to before Nigeria’s independence.
It can be recalled that in September last year, India hosted the G20 Summit in New Delhi, during which $14 billion was pledged to Nigeria in the Nigeria-India Presidential Roundtable and Conference by Indian businessmen.
It can also be recalled that India’s Jindal Steel and Power had committed to pump $3 billion into Nigeria’s steel sector, while Indorama Corp. planned to invest an additional $8 billion to expand its petrochemical facility in the country.
Others that planned to invest in the biggest black nation in the world are Skipperseil Limited, India’s Bharti Enterprises, and also the Indian government itself, to help the Defence Industries Corporation of Nigeria attain 40% self-sufficiency in local manufacturing and production of defense equipment in three years.
Upon the official approval of part of the pledges, Balasubramanian noted that “Our economic and trade relations are strong and growing. Currently, nearly 150 Indian companies with an investment of USD 27 billion are in Nigeria, mainly in the manufacturing sector, and employ the largest number of people after the Federal Government.
“Owing to the special relationship, India had invited Nigeria as a Guest Country during her presidency of G20. We had a memorable visit of H.E. Mr. Bola Ahmed Tinubu, President of the Federal Republic of Nigeria to the G20 Summit last year in September, which consolidated the ties further.
“Out of the 14 billion promised during this visit as an investment into the Nigerian economy, 7 billion has already been signed immediately after the visit.
” Earlier this week, we had a successful visit of our External Affairs Minister Dr. S. Jaishankar for the Joint Commission meeting.
“He had interactions with the leadership and business community in Nigeria and the Indian Diaspora.
“We stand shoulder to shoulder with our Nigerian friends in our joint journey towards development and would like to convey the commitment of the Government of India in further strengthening our ties.”
