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Four Indian conglomerates, including Indorama Petrochemical Limited and Jindal Steel and Power Limited, have pledged to invest $14 billion in Nigeria.
The investment commitments were made on Wednesday during the Nigeria-India presidential roundtable and conference, according to a statement issued by Ajuri Ngelale, special adviser to the president on media and publicity.
Speaking at the meeting, President Bola Tinubu applauded the Indian companies, assuring the foreign investors that their investments in Nigeria would yield fruitful returns.
“We are ready to give you the best returns for investment possible, there’s nowhere else like our country,” Tinubu assured.
Skipperseil Ltd’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.
Separately, Nigeria approved a $1 billion partnership agreement with the Indian government to help the Defence Industries Corporation of Nigeria attain 40% self-sufficiency in local manufacturing and production of defence equipment in three years.
The president is currently in New Delhi, the Indian capital, for the G20 summit expected to take place from September 9.
