• Says Nigeria offers best returns on investment
From Juliana Taiwo-Obaalonye, Abuja
President Bola Tinubu has pledged that Nigeria would give the best returns for any new investment as well as create best business friendly incentives for foreign businesses and urged Indian investors to stop procrastinating and grab the opportunities.
He made the declaration during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India, on the sidelines of the G-20 Summit in New Delhi, India, yesterday.
He commended Indian investors for significant investment pledges amounting to nearly $14 billion, assuring that, “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.”
Among the new investments are Indorama Petrochemical Limited which pledged a new investment of $8 billion 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 Nigeria, following discussions with President Tinubu.
Founding President of SkipperSeil Limited, Mr. Jitender Sachdeva announced has pledged to invest $1.6 billion 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, following President Bola Tinubu’s personal intervention,
President Tinubu also approved finalisation on a new $1 billion agreement to bring the Defence 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 Military-Industrial Complex of the Indian Government.
Another Indian firm, Bharti Enterprises, a major first-generation corporation in India with interests in telecom, space communications, digital solutions, insurance, processed foods, real estate, and hospitality, also pledged to invest additional $700 million in Nigeria, with work set to begin immediately.
President Tinubu thanked all Indian businesses and individuals for their positive responses to his administration’s efforts to improve the macroeconomic and investment climate in Nigeria, stressing that under his practical leadership, agreements must now materialise in industries and jobs on the ground in Nigeria.
“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.
Tinubu informed prospective investors that in Nigeria, there is no free lunch or shortcuts, but that he has “good economic policy for the investors as well as able men and women in leadership and on the ground, who can 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.
Tinubu 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 Coordinating Minister of the Economy, Wale Edun, who addressed the roundtable on the theme, “Building Partnerships with Renewed Hope for a Diversified and Prosperous Economy,” thanked Chairman of Jindal Steel and Power Limited, Naveen Jindau, for the new $3 billion investment in iron ore processing and steel development in Nigeria.
Commending the Tata group and so many others who have immediately responded to President Tinubu’s bold and decisive moves to correct the major systemic faults in the macro-economic and investment climate in Nigeria.
The minister also thanked Founder and Chairman of Bharti Enterprises, Sunil Bharti Mittal, for his continued commitment to invest in the first phase at least $700 million more.
He used the opportunity to explain the underlying principles of President Tinubu’s eight-point strategy, emphasizing 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, Mittal told Tinubu: “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, Minister of Communication, Innovation and Digital Economy, 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 an MoU with Central Square Foundation for Co-operation in the field of Sharing Successful Ecosystems, which involve 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, Doris Uzoka-Anite, a third MoU 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.
Director-General of the Confederation of Indian Industries (CII), Mr. Chandrajit Banerjee, noted that the Presidential Roundtable serves as a robust foundation for Indian businesses looking to engage with Nigeria and would encompass cooperation 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 said.