How Tinubu attracted $14 billion investment from India
President Tinubu has attracted $14 billion investment pledges from India investors during his outing at the Nigeria-India economic roundtable in India.
The list includes:
– Indorama Petrochemical Limited pledged a new investment of $8 billion U.S. 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, committed to investing $3 billion in iron ore processing and steel development in Nigeria, following discussions with President Tinubu on the sidelines of the G-20 Summit in New Delhi, India.
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– Founding President of SkipperSeil Limited, Mr. Jitender Sachdeva announced that, following President Tinubu’s personal intervention, he is investing $1.6 billion U.S. dollars in the establishment of twenty 100MW power generation plants across the states of Northern Nigeria, amounting to 2,000MW of new power within the next four years.
– Finalization on a new $1 billion U.S. dollar agreement to bring the Defense Industries Corporation of Nigeria (DICON) to 40% self-sufficiency in local manufacturing and production of defense equipment in-country 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, expressed its commitment to invest an additional $700 million in Nigeria, with work set to begin immediately.
By PRNigeria
