Toba Owojaiye ReportingÂ
During his participation in the Nigeria-India economic roundtable, President Tinubu secured a commitment of $14 billion in investments from Indian investors. Notable investment deals include:
Firstly, Indorama Petrochemical Limited plans to invest $8 billion in expanding its fertilizer production and petrochemical facility in Eleme, Rivers State.
Secondly, Jindal Steel and Power Limited, one of India’s leading private steel producers, will invest $3 billion in Nigeria’s iron ore and steel sector.
Thirdly, Mr. Jitender Sachdeva of SkipperSeil Limited will invest $1.6 billion in establishing twenty 100MW power generation plants across Northern Nigeria, adding 2,000MW of new power capacity within the next four years.
Fourthly, a new $1 billion agreement aims to boost the Defense Industries Corporation of Nigeria (DICON) to 40% self-sufficiency in local defense equipment production by 2027 through collaboration with India’s Military-Industrial Complex.
Lastly, Bharti Enterprises, a prominent Indian corporation, will invest an additional $700 million in Nigeria, with immediate implementation of projects in various sectors.
Additionally, there are MoUs signed between Nigerian and Indian ministries and organizations to foster cooperation in digital solutions, education technology, and infrastructure development, with more investment opportunities anticipated.