As part of its efforts to draw in foreign investment, the Nigerian Federal Government has landed a $7 billion investment deal from India.
During the 75th Republic Day celebrations on Friday night, the Indian High Commissioner to Nigeria, Mr. Gangadharan Balasubramanian, disclosed the signing.
Remember when a nation in South Asia promised to invest $14 billion at the G20 Summit the previous year?
President Tinubu attended the September 2023 G20 Summit, which India hosted and at which the Indian government made the investment pledge.
Speaking at the event, the Indian High Commissioner said not less than 150 Indian companies are operating in Nigeria.
He also mentioned that the companies have a combined investment of $27 billion.
“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 $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,” he said.
Furthermore, speaking on the historical ties between India and Nigeria, Balasubramanian said his government is working to ensure a deepened business relationship between India and Nigeria.
“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,” he added.
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Minister of Foreign Affairs, Ambassador Yusuf Tuggar, said the trade volume between both countries was in the region of $20 billion in the last two years.
According to him, the trade volume consists of $14.95 billion in the formal sector and about $5 billion in the informal sector
