The Nigerian Federal Government has achieved a noteworthy achievement in its efforts to attract foreign investments with the successful signing of a $7 billion investment pact with India.
During the 75th Republic Day celebrations on Friday night, Mr. Gangadharan Balasubramanian, the Indian High Commissioner to Nigeria, made the announcement.
This sizeable contribution is a portion of the $14 billion in total investments that India promised to provide during the G20 Summit last year. President Tinubu witnessed the $7 billion agreement being signed, marking the fulfillment of this commitment while attending the G20 September 2023 Summit, which was hosted by India.
President tinubu Closes $7 billion India Investment deal
During the Republic Day celebration event, the Indian High Commissioner highlighted the robust and historical relations between India and Nigeria. Notably, he mentioned that over 150 Indian companies are currently operating in Nigeria, contributing a combined investment of $27 billion, predominantly in the manufacturing sector. Emphasizing the strength of economic and trade relations, Balasubramanian outlined the significant role these Indian companies play in Nigeria’s economy, employing the largest number of people after the Federal Government.
Speaking further on the diplomatic ties, the Indian High Commissioner disclosed that Nigeria was invited as a Guest Country during India’s presidency of the G20. He recalled the memorable visit of President Bola Ahmed Tinubu to the G20 Summit in September 2023, solidifying the bonds between the two nations. Out of the promised $14 billion investment during this visit, $7 billion has already been signed, reinforcing the commitment of both countries to deepen their economic partnership.
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To reinforce the commitment to strengthening ties, India’s External Affairs Minister, Dr. S. Jaishankar, recently visited Nigeria for a Joint Commission meeting. This visit included interactions with the Nigerian leadership, business community, and the Indian Diaspora, further solidifying the bilateral relationship. Balasubramanian expressed India’s unwavering support for Nigeria’s development journey and conveyed the Indian government’s dedication to fostering stronger ties.
Providing additional insights, Minister of Foreign Affairs, Ambassador Yusuf Tuggar, shared that the trade volume between India and Nigeria reached approximately $20 billion over the last two years. This substantial trade volume comprises $14.95 billion in the formal sector and an additional $5 billion in the informal sector.
The evolving economic and diplomatic collaboration between India and Nigeria reflects a shared commitment to mutual development and prosperity. As both nations continue to deepen their ties, the $7 billion investment agreement stands as a testament to the growing partnership and the positive impact on economic growth in both countries.
