India signs $7b investment for Nigeria

President Bola Ahmed Tinubu’s foreign investment drive is becoming fruitful as India confirmed it had okayed a $7billion investment in Nigeria.

This is part of the $14  billion investment pledge reached with Nigeria at the last G20 Summit. 

In September 2023, Tinubu was at the G20 Summit hosted by India, where the government of India pledged the investment. 

Mr Gangadharan Balasubramanian, Indian High Commissioner to Nigeria, revealed the signing on Friday night at his country’s 75th Republic Day celebrations.  

He 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 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 an investment into the 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.”