Tinubu Lauds $14 BN In New Investment Pledges

President Bola Tinubu has commended Indian investors for significant investment pledges amounting to nearly $14 billion U.S. dollars committed during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India, saying, Nigeria is ready to give them the best returns for investment possible, there is nowhere else like Nigeria

Additionally, the President has approved the finalization of 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.

Emphasizing that under his pragmatic leadership, agreements must now manifest in industries and jobs on the ground in Nigeria, President Tinubu 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.

On behalf of investors, the Chairman of Bharti Enterprises, Sunil Bharti Mittal told the President, “Nigeria has unified the FX market and freed up crucial capital to upgrade its public infrastructure. He said the investors will bring investments to Nigeria, and with President Tinubu’s inspiring leadership style, they can only do more and more.

Also, at the event, Nigeria’s Minister of Communication, Innovation and Digital Economy, Dr. Bosun Tijani, and his counterpart from India’s Ministry of Electronics and Information Technology signed a Memorandum of Understanding (MoU) for Cooperation in the field of Sharing Successful Digital Solutions, to be implemented at total population scale for digital transformation. 

The Presidential roundtable, attended by President Tinubu, also had in attendance Governor Dapo Abiodun of Ogun State; Amb. Yusuf Tuggar, Minister of Foreign Affairs; Dr. Bosun Tijani, Minister of Communications, Innovation, and Digital Economy; and Dr. Doris Uzoka-Anite, Minister of Industry, Trade, and Investment; along with industry leaders from both India and Nigeria.

Following the Roundtable, the President met individually with each of the top pledging investors to finalize on the next steps to ensure that no environmental encumbrance stands in the way of their success in Nigeria.