President Bola Tinubu’s foreign investment drive is yielding the desired result as
India has disclosed that it has signed $7billion investment for Nigeria as part of the promised $14 billion investment pledge reached with Nigeria at the last G20 Summit.
This was made known by the Indian High Commissioner to Nigeria, Mr. Gangadharan Balasubramanian on Friday night at his country’s 75th Republic Day celebrations.
President Tinubu was at G20 September 2023 Summit hosted by India where the Indian Government promised the investment.
The envoy equally revealed that at least 150 Indian companies are operating in Nigeria, adding the companies have a combined investment of $27 billion.
He pointed out that India and Nigeria enjoy a historical relations.
“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.
“Our economic and trade relations are strong and growing. Currently nearly 150 Indian companies with an investment of USD 27 billion are in Nigeria, mainly in the manufacturing sector and employ the largest number of people after the Federal Government.
“Owing to the special relationship, India had invited Nigeria as a Guest Country during her presidency of G20. We had a memorable visit of H.E. Mr. Bola Ahmed 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 investment into Nigerian economy, 7 billion has already been signed immediately after the visit.
” Earlier this week, we had a successful visit of our External Affairs Minister Dr. S. Jaishankar for the Joint Commission meeting.
“He had interactions with the leadership and business community in Nigeria and the Indian Diaspora.
“We stand shoulder to shoulder with our Nigerian friends in our joint journey towards development and would like to convey the commitment of the Government of India in further strengthening our ties”, Balasubramanian said.
Minister of Foreign Affairs, Ambassador Yusuf Tuggar, noted that the trade volume between both countries was in the region of $20 billion in the last two years.
He said, the trade volume consist of $14.95 billion in the formal sector and about $5 billion in the informal sector.
