Indian Firms Pledge US$14 Billion Of Investments in Nigeria
SkipperSeil agreed to build 20 100MW power plants in four years.
Nigeria received investment pledges totalling US$14 billion during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India on 6 September.
The State House in Abuja announced that Jitender Sachdeva, the founding president of SkipperSeil, agreed to invest US$1.6 billion on establishing 20 power plants across northern Nigeria within the next four years, each with a capacity 100MW.
Jindal Steel and Power committed to investing US$3 billion in iron ore processing and steel development in Nigeria, and Indorama Petrochemical has pledged to spend US$8 billion on the expansion of its fertiliser production and petrochemical facility in Eleme, Rivers State.
The conglomerate Bharti Enterprises, with interests in telecom, space communications, digital technologies, insurance, processed foods, real estate and hospitality, promised to invest US$700 million in Nigeria.
A US$1 billion deal was also agreed with the Indian government to help the Defense Industries Corporation of Nigeria (DICON) to achieve 40% self-sufficiency in local manufacturing and the production of defence equipment by 2027.
“We are ready to give you the best returns for investment possible, there’s nowhere else like our country. Nigeria offers the best returns for investment today, so invest now,” President Bola Tinubu told investors.
Photo: Nigeria-India roundtable (Source: Twitter/X @NGRPresident)