Nigeria boosts economic ties with India, signs $7bn investment deals

A significant boost to Nigeria’s economic landscape has emerged with the signing of $7 billion worth of investment deals with India.

The agreements, spanning various sectors, represent a tangible outcome of the $14 billion pledged to Nigeria during the G20 Summit in India last year.

Indian High Commissioner to Nigeria, Shri G. Balasubramanian, confirmed the signing of the deals on Friday, expressing optimism for the impact they would have on strengthening economic ties between the two nations.

During the Nigeria-India Presidential Roundtable and Conference in New Delhi, India, Nigeria secured nearly $14 billion in pledges from Indian investors and sought an economic cooperation pact with the South Asian nation, presidential spokesperson, Ajuri Ngelale, said on September 6, 2023, via a statement.

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India’s Jindal Steel and Power had committed to pumping $3 billion into Nigeria’s steel sector and Indorama Corp. planned to invest an additional $8 billion to expand its petrochemical facility in the country.

Skipperseil Limited.’s founding chairman, Jitender Sachdeva, and India’s Bharti Enterprises each pledged $1.6 billion over four years to build power generation plants and $700 million in Nigeria, respectively.

Balasubramanian said that pledges were signed after President Bola Tinubu visited India.

“India had invited Nigeria as a guest country during her presidency of G20.

“We had a memorable visit of H.E. Mr. Bola Tinubu, President of the Federal Republic of Nigeria to the G20 Summit last year in September, that consolidated the ties further.

“Out of the $14 billion promised during this visit as investment into Nigerian economy, $7 billion has already been signed immediately after the visit,” he noted.

The signing of these deals undoubtedly represents a positive step in the burgeoning economic partnership between Nigeria and India.

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