The Federal Government of Nigeria has secured $7 billion out of the $14 billion investment deal promised to the country during the G20 Summit in India last year.
- Nigeria had secured pledges worth $14 billion investment deal during the G20 Summit in India last year.
- Of the $14 billion promised during this visit as an investment into the Nigerian economy, $7 billion has been signed.
- Nigeria hosts almost 150 Indian companies, contributing a substantial investment of $27 billion, primarily in the manufacturing sector.
This was revealed by Balasubramanian on the occasion of the 75th Day of India in Abuja.
During the Nigeria-India Presidential Roundtable and Conference in New Delhi, India, Nigerian officials secured pledges worth $14 billion from Indian investors and sought an economic cooperation pact with the South Asian nation, presidential spokesperson, Ajuri Ngelale, said in a statement last year.
Some of the pledges include, Jindal Steel and Power’s $3 billion investment in Nigeria’s steel sector, and Indorama Corp. petrochemical facility expansion in the country with an additional investment of $8 billion.
What the Indian envoy said:
“India and Nigeria enjoy strong and historical relations. With the ties dating back to before Nigeria’s independence, our bilateral relations have been nurtured by the leadership of both the countries.
“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 an investment into the Nigerian economy, $7 billion has already been signed immediately after the visit,” he noted.
The envoy stressed the robust and expanding economic and trade ties between both nations. Presently, Nigeria hosts almost 150 Indian companies, contributing a substantial investment of $27 billion, primarily in the manufacturing sector. These companies collectively employ a significant workforce, second only to the Federal Government.
India has become Nigeria’s primary trading partner in Africa and the leading importer of Nigerian crude oil. Likewise, Nigeria holds the position of India’s primary trading partner on the continent.
Over the past two years, bilateral trade between the two nations has reached $14.95 billion in the formal sector and around $5 billion in the informal sector.