The High Commissioner of India to Nigeria, Shri G. Balasubramanian, revealed that half of the $14 billion commitment made to Nigeria during the G20 Summit in India last year has been formally agreed upon. This announcement was made during the 75th Day of India celebration in Abuja on Friday.
The significant financial commitment was secured during the Nigeria-India Presidential Roundtable and Conference in New Delhi on September 6, 2023. Indian investors pledged nearly $14 billion to Nigeria, with specific investments from companies such as Jindal Steel and Power, Indorama Corp., Skipperseil Limited, and Bharti Enterprises. These pledges encompassed sectors like steel, petrochemicals, power generation, and defense.
Notably, Jindal Steel and Power committed $3 billion to Nigeria’s steel sector, while Indorama Corp. planned an $8 billion expansion of its petrochemical facility in the country. Skipperseil Limited and Bharti Enterprises pledged $1.6 billion each over four years for power generation plants and $700 million in Nigeria, respectively.
Additionally, Nigeria entered into a $1 billion partnership agreement with the Indian government to support the Defense Industries Corporation of Nigeria in achieving 40% self-sufficiency in local manufacturing and production of defense equipment within three years.
Balasubramanian highlighted that these pledges were formalized following a visit to India by President Bola Tinubu.
“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, which 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 also said nearly 150 Indian companies with over $27 billion worth of investments are in Nigeria.
He noted that these companies which employ a larger number of people were mainly into manufacturing.
Balasubramanian, who added that Nigeria-India economic and trade relations were yielding results, said “Our economic and trade relations are strong and growing.
“Currently, nearly 150 Indian companies with an investment of more than $27 billion are in Nigeria, mainly in manufacturing sector and employ the largest number of people after the Federal Government.”
He pledged that India would “stand shoulder to shoulder with our Nigerian friends in our joint journey towards development.
“I would like to convey the commitment of government of India in further strengthening our ties.”
The Foreign Affairs Minister, Amb. Yusuf Tuggar, who spoke at the event, said the state of Nigeria-India economic relations has seen remarkable improvement in recent years.
The minister, who was represented by the Director of European Affairs and former Nigerian Ambassador to Portugal, Amb. Alex Kefas, noted, “The trade volume between the two countries has increased significantly. India is now Nigeria’s largest trading partner in Africa and the highest importer of Nigeria’s
Crude oil. Similarly, Nigeria is India’s largest trading partner in Africa.
“Bilateral trade between both countries in the last two years amounted to approximately $14.95 billion in the formal sector and about $5 billion in the informal sector.”
Also at the event, the Governor of Kaduna State, Uba Sani, said, “I can say clearly that we are doing a lot with India. India is supporting us with renewable energy, especially in our Primary Healthcare Centres.
“Private companies in India are also working with the Kaduna State government.”
