Nigeria Strikes $7 Billion Investment Agreement with India

The Nigerian Government recently cemented a significant investment deal with India, confirming a $7 billion inflow from the projected $14 billion discussed during the G20 Summit in India the previous year. On a notable day marking the 75th Day of India in Abuja, the ambassador of India to Nigeria, Balasubramanian, made this major announcement.

Details of the Investment Pledge

At the Nigeria-India Presidential Roundtable and Conference in New Delhi, Nigeria's delegation, led by government officials, managed to obtain promises from Indian investors totaling $14 billion. Ajuri Ngelale, the presidential spokesperson, noted this as part of a drive to strengthen economic ties with India.

Among these commitments were a substantial $3 billion from Jindal Steel and Power intended for Nigeria's steel sector, and an additional $8 billion investment by Indorama Corp. to expand its petrochemical operations in the country.

The India-Nigeria Bilateral Growth

He acknowledged that the $7 billion deal was a direct result of last year's summit, strengthening the nations’ economic collaboration. Presently, Nigeria is home to close to 150 Indian companies, with investments amounting to $27 billion, notably in the manufacturing sector, offering employment in large numbers, challenged only by the Federal Government.

India has secured its position as Nigeria's top trading partner in Africa and its leading importer of Nigerian crude oil, while Nigeria is India's foremost trading partner in Africa. In recent years, the formal bilateral trade has reached $14.95 billion, with an additional estimated $5 billion within the informal sector.

Nigeria, India, Investment