President Bola Tinubu has pitched the fortunes of investment in Nigeria to potential investors at the Nigeria-India Presidential Roundtable and Conference in India, saying the decision is better made now than later as Nigeria offers the best Return on Investment (ROI).
He said: “We are ready to give you the best returns for investment possible; there’s nowhere else like our country. Nigeria offers the best returns for investment today, so invest now.”
In response to the investment attraction and offer by the president, several investors pledged to make Nigeria as their next choice.
A total of $14 billion worth of fresh investment pledges were received from notable Indian companies at the economic roundtable.
The companies were Indorama Petrochemical Limited, Jindal Steel and Power Limited, SkipperSeil Limited, and Bharti Enterprises, among others.
Indorama Petrochemical Limited pledged a new investment of $8 billion U.S. dollars in the expansion of its fertilizer production and petrochemical facility in Eleme, Rivers State.
Jindal Steel and Power Limited, one of India’s largest private steel producers, committed itself to investing $3 billion in Nigeria following discussions with President Tinubu on the sidelines of the G-20 Summit in New Delhi, India.
Also, the founding president of SkipperSeil Limited, Mr. Jitender Sachdeva, announced that, following President Bola Tinubu’s personal intervention, he is investing $1.6 billion U.S. dollars in the establishment of twenty 100MW power generation plants across the states of Northern Nigeria, amounting to 2,000MW of new power within the next four years.
President Bola Tinubu lauded the Indian investors for significant investment pledges and assured maximum security guarantee by approving finalization on a new $1 billion U.S. dollar agreement to bring the Defense Industries Corporation of Nigeria (DICON) to 40% self-sufficiency in local manufacturing and production of defense equipment in-country by 2027 through a comprehensive new partnership with the Managing Arm of the Miltary-Industrial Complex of the Indian Government.