India has officially signed a $7 billion investment deal with Nigeria, marking a substantial step towards fulfilling the $14 billion investment pledge made during the G20 Summit in September 2023.
The Indian High Commissioner to Nigeria, Mr Gangadharan Balasubramanian, announced on Friday night during India’s 75th Republic Day celebrations.
He emphasized the strong and historical relations between India and Nigeria, dating back to before Nigeria’s independence.
Balasubramanian highlighted that nearly 150 Indian companies are currently operating in Nigeria, with a combined investment of $27 billion, predominantly in the manufacturing sector.
“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 to strengthen our ties further,” Balasubramanian stated.
He said President Tinubu’s presence at the G20 Summit played a crucial role in securing this investment, showcasing the positive outcomes of Nigeria’s diplomatic engagements on the global stage.
The Indian envoy mentioned that out of the promised $14 billion during President Tinubu’s visit, $7 billion has already been signed, indicating a swift follow-through on the commitment.
Minister of Foreign Affairs, Ambassador Yusuf Tuggar, highlighted that the trade volume between India and Nigeria reached approximately $20 billion in the last two years.
”This comprehensive figure includes $14.95 billion in the formal sector and around $5 billion in the informal sector.
”The investment is anticipated to contribute significantly to Nigeria’s economic growth, create job opportunities, and strengthen the bilateral relations between the two nations.
”As foreign investments continue to flow into Nigeria, the country’s economic landscape is poised for positive transformation,” the minister said.
