By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
News.ngNews.ng
  • Home
  • World
  • Business
  • Entertainment
  • Politics
  • Sports
Search

Archives

  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022

Categories

  • Business
  • Celebrities
  • Education
  • Entertainment
  • Finance
  • Health
  • News
  • Politics
  • Sports
  • Technology
  • Video
  • World
© 2022 News Network. All Rights Reserved.
Reading: G-20 Summit: Nigeria gets $14 billion from Indian-Nigeria economic partnership, Tinubu lauds Indian investors 
Share
Notification Show More
Latest News
Niger Coup: “Tinubu showing too much weakness” Reno berates President for being lenient over calls for military takeover in Nigeria
Reno Omorki criticizes Peter Obi following demolition statements
Politics News
ECOWAS President Expresses Concerns Over Niger Republic
ECOWAS President Expresses Concerns Over Niger Republic
News
EFCC secretary urges parents to instill integrity values in children
EFCC secretary urges parents to instil integrity values in children
News
Lagos Waste Management Authority spearheads sustainable waste initiative at Otto Primary School
Lagos Waste Management Authority spearheads sustainable waste initiative at Otto Primary School
News
Minister Ahmed Dangiwa performs groundbreaking ceremony of 480-housing unit project in Abuja
Minister Ahmed Dangiwa performs groundbreaking ceremony of 480-housing unit project in Abuja
News
Aa
News.ngNews.ng
Aa
  • Home
  • World
  • Business
  • Entertainment
  • Politics
  • Sports
Search
  • Home
  • World
  • Business
  • Entertainment
  • Politics
  • Sports
Follow US
© 2022 News Network. CMG Ltd. All Rights Reserved.
PoliticsNews

G-20 Summit: Nigeria gets $14 billion from Indian-Nigeria economic partnership, Tinubu lauds Indian investors 

Sanni Azeez Olakunle
Last updated: 2023/09/07 at 7:17 PM
Sanni Azeez Olakunle
Share
5 Min Read
G-20 Summit: Nigeria gets $14 billion from Indian-Nigeria economic partnership, Tinubu lauds Indian investors
SHARE

Nigeria has gotten about $14 billion from the G-20 Summit Indian-Nigerian economic partnership currently held in Delhi, the Indian state capital, a presidential spokesperson has said.

In a statement released by Ajuri Ngelale on Wednesday, President Bola Tinubu praised Indian investors for their large investment commitments.

The president also asserted in the statement that Nigeria offers the finest return on investment and he pleaded with investors to quit holding off on making investments there.

The president was quoted saying, “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.”

Among these several new investments, Indorama Petrochemical Limited reportedly promised an additional $8 billion US for the expansion of its petrochemical and fertiliser production facility in Eleme, Rivers State.

Following meetings with President Tinubu on the margins of the G-20 Summit in New Delhi, India, Jindal Steel and Power Limited, one of the country’s largest private steel producers, agreed to invest $3 billion in Nigeria.

Following President Bola Tinubu’s personal intervention, Mr. Jitender Sachdeva, the founding president of SkipperSeil Limited, declared that he is investing $1.6 billion USD in the construction of twenty 100MW power generation plants across the states of Northern Nigeria, adding 2,000MW of new power over the course of the following four years.

The Defence Industries Corporation of Nigeria (DICON) will become 40 per cent self-sufficient in local manufacturing and production of defence equipment in-country by 2027 thanks to the President’s approval of finalisation of a new $1 billion U.S. dollar partnership with the Managing Arm of the Miltary-Industrial Complex of the Indian Government.

Another Indian company, Bharti Enterprises, has committed to investing an additional $700 million in Nigeria, with the project set to start right away. Bharti Enterprises is a significant first-generation corporation in India with interests in telecom, space communications, digital solutions, insurance, processed foods, real estate, and hospitality.

President Tinubu thanked everyone and emphasised that under his practical leadership, agreements must now materialise in industries and jobs on the ground in Nigeria.

The president also expressed gratitude to all Indian companies and individuals who have responded positively to his administration’s efforts to improve Nigeria’s macroeconomic and investment climate.

His words

“Do not procrastinate. Don’t be frightened about investments in Nigeria. Bring it on. Ask your questions and make your requests. The trade and investment opportunities are enormous. I have a team, and I am the captain of that team, and I assure you that we solve problems,” the President affirmed. 

“Prospective investors were informed by the President, that in Nigeria, there is no free lunch or shortcuts, but that he has “good economic policy for the investors as well as able men and women in leadership and on the ground, who can drive the goal of broad prosperity through investment and infrastructure.”

“I will captain and lead the course of investment, development, and prosperity for the largest democracy in Africa and for investors from the rest of the world,” the President added, reiterating that Nigeria is open for business with intelligent, innovative, capable, and highly committed individuals in government, who are ready to drive the largest economy in Africa to destiny. 

In his speech to the roundtable on “Building Partnerships with Renewed Hope for a Diversified and Prosperous Economy,” Minister of Finance and Coordinating Minister of the Economy Wale Edun thanked Mr Naveen Jindau, Chairman of Jindal Steel and Power Limited, for the new $3 billion investment in iron ore processing and steel development in Nigeria.

The Finance Minister praised the Tata group and the many others that responded right away to Mr President’s courageous and decisive actions to address the significant structural flaws in Nigeria’s macroeconomic and investment climate

Mr Edun, speaking further, he outlined the fundamental ideas behind President Tinubu’s eight-point strategy, stressing that it is built on the principles of the rule of law and anti-corruption and aims to advance growth and job creation, poverty reduction, food security, improved access to capital, inclusivity, business and citizen security, and fair play.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share this Article
Facebook Twitter Copy Link Print
Share
Posted by Sanni Azeez Olakunle
Sanni is a creative and driven journalist with over 5 years of experience. Great storytelling skills, a nose for the truth, and an excellent track as a staff reporter in both print and digital media. Contact: [email protected]
Previous Article Obi failed to prove election was rigged with over voting and violence, tribunal rules Obi failed to prove election was rigged with over voting and violence, tribunal rules
Next Article Huge loss for Peter Obi as prominent LP chieftain defects to PDP  “Your petition on 25 per cent in FCT is irrelevant,” tribunal dismissed Obi’s petition 

Latest News

Niger Coup: “Tinubu showing too much weakness” Reno berates President for being lenient over calls for military takeover in Nigeria
Reno Omorki criticizes Peter Obi following demolition statements
ECOWAS President Expresses Concerns Over Niger Republic
ECOWAS President Expresses Concerns Over Niger Republic
EFCC secretary urges parents to instill integrity values in children
EFCC secretary urges parents to instil integrity values in children
Lagos Waste Management Authority spearheads sustainable waste initiative at Otto Primary School
Lagos Waste Management Authority spearheads sustainable waste initiative at Otto Primary School
//

We influence millions of users and are the leading news network in Nigeria.

More About News.ng

  • About
  • Contact
  • Advertise
  • Ethics Policy
  • Careers

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

I have read and agree to the terms & conditions
News.ngNews.ng
Follow US

© 2022 News Network. All Rights Reserved.

Removed from reading list

Undo
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?