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INVESTMENT/PBAT:PRESIDENT BOLA TINUBU SECURE INVESTMENT PLEDGE FROM INDIAN……………..

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INVESTMENT/PBAT:PRESIDENT BOLA TINUBU SECURE INVESTMENT PLEDGE FROM INDIAN……………..

by:Safiya Abdulrahim Dabban

 

President Bola Tinubu has secured a 14 billion dollar investment pledge from Indian companies.

The companies made the pledge during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India.

President Tinubu told the captains of industry that Nigeria was ready to give them the best returns for investment possible, stressing that there is nowhere else like Nigeria,

Among the many new investment promises, Indorama Petrochemical Limited has pledged a new investment of 8 billion dollars in the expansion of its fertilizer production and petrochemical facility in Eleme, Rivers State.

Jindal Steel and Power Limited, one of India’s largest private steel producers, has committed to investing 3 billion dollars, following discussions with President Tinubu on the sidelines of the G-20 Summit in New Delhi, India.

Founding President of SkipperSeil Limited, Mr. Jitender Sachdeva announced that, following President Bola Tinubu’s personal intervention, he was investing 1.6 billion dollars in the establishment of 20 100MW power generation plants across the states of Northern Nigeria, amounting to 2,000MW of new power within the next four years.

Additionally, the President has approved the finalisation of a one billion dollar agreement to bring the Defense Industries Corporation of Nigeria (DICON) to 40 percent self-sufficiency in local manufacturing and production of defense equipment by 2027, through a comprehensive new partnership with the Managing Arm of the Miltary-Industrial Complex of the Indian Government.

Another Indian firm, Bharti Enterprises, which is a major first-generation corporation in India with interests in telecom, space communications, digital solutions, insurance, processed foods, real estate, and hospitality, has expressed its commitment to invest an additional 700 million dollars in Nigeria, with work set to begin immediately.

Emphasising that under his leadership, agreements must now manifest in industries and jobs on the ground in Nigeria, President Tinubu expressed gratitude to Indian companies and individuals responding positively to his administration’s efforts to improve Nigeria’s macro-economic and investment climate.

“Do not procrastinate. Don’t be frightened about investments in Nigeria. Bring it on. Ask your questions and make your requests. The trade and investment opportunities are enormous. I have a team, and I am the captain of that team, and I assure you that we solve problems,” the President affirmed.

The President told prospective investors that there was no free lunch or shortcuts in Nigeria, but that he had good economic policy for the investors, and those who could drive the goal of broad prosperity through investment and infrastructure.

“I will captain and lead the course of investment, development, and prosperity for the largest democracy in Africa and for investors from the rest of the world,” the President added, reiterating that Nigeria is open for business with intelligent, innovative, capable, and highly committed individuals in government, who are ready to drive the largest economy in Africa to destiny.

The President also told the Summit that he was proud that the Nigerian stock market had broken records in its consistent bullishness since he assumed office.

Minister of Finance and Co-ordinating Minister of the Economy, Mr. Wale Edun, who addressed the roundtable themed, “Building Partnerships with Renewed Hope for a Diversified and Prosperous Economy,” thanked the Chairman of Jindal Steel and Power Limited, Mr. Naveen Jindau, for the new 3 billion dollar investment in iron ore processing and steel development in Nigeria.

Commending the Tata Group and many others who have immediately responded to Mr. 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,” Mr. Edun said.

Minister Edun further explained the underlying principles of President Tinubu’s eight-point strategy, emphasising that his agenda aims to promote growth and job creation, poverty reduction, 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 investors, Chairman of Bharti Enterprises, Mr. Sunil Bharti Mittal told the President, “You have unified the FX 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) for Co-operation in the field of Sharing Successful Digital Solutions, to be implemented at total population scale for digital transformation.

The Minister also signed a Memorandum of Understanding with Central Square Foundation for Co-operation in the field of Sharing Successful Ecosystems, which involves 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 Memorandum of Understanding on Infrastructure Development was signed between the Infrastructure Corporation of Nigeria Limited (InfraCorp) and Invest India, the National Investment Promotion and Facilitation Agency of India, which helps investors looking for investment opportunities and options in India.

Closing the interactive session, Mr. Chandrajit Banerjee, the Director-General of the Confederation of Indian Industries (CII), noted that the Presidential Roundtable served as a robust foundation for Indian businesses looking to engage with Nigeria and would encompass co-operation across key areas, such as capacity building, skills development, agriculture, and the enhancement of digital and physical infrastructure, among others.

“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 concluded.

The Presidential Roundtable, attended by President Tinubu, also had in attendance Governor Dapo Abiodun of Ogun State; Amb. Yusuf Tuggar, Minister of Foreign Affairs; Dr. Bosun Tijani, Minister of Communications, Innovation, and Digital Economy; and Dr. Doris Uzoka-Anite, Minister of Industry, Trade, and Investment; along with industry leaders from both 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.

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