Boost For Nigeria as FG Secures $7 Billion Investment Deal From India

• The Indian government has pledged to invest about $7 billion into the country
• The country had promised to invest about $14 billion into the Nigerian economy
• The Indian High Commissioner to Nigeria said about 150 Indian companies currently operate in Nigeria

Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

The federal government has secured a $7 billion investment deal from India as part of the country’s effort to attract foreign investment into Nigeria.

The Indian High Commissioner to Nigeria, Gangadharan Balasubramanian, recently stated this during the 75th Republic Day celebrations.

India promises to invest $14 billion in Nigeria

India had pledged $14 billion in investment during the 2023 G20 Summit.

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President Bola Tinubu participated in the G20 in September 2023 hosted by India in which the Indian authorities pledged the investment amount.

The Indian High Commissioner said not less than 150 Indian firms operate in Nigeria and are worth about $27 billion.

He said:

“India and Nigeria enjoy strong and historical relations. With the ties dating back to before Nigeria’s independence, our bilateral relations have been nurtured by the leadership of both countries.

“Our economic and trade relations are strong and growing. Currently, nearly 150 Indian companies with an investment of $27 billion are in Nigeria, mainly in the manufacturing sector, and employ the most significant number of people after the Federal Government.

He stated that the Indian government is working to ensure a heightened business relationship between the two countries.

According to reports, Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, said the trade volume between the two countries was about $20 billion in the last two years.

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He stated that the trade volume is $14.95 billion in the formal sector and $5 billion in the informal sector.

President Tinubu secures 7 investment deals worth $14bn from Indian investors

Legit.ng reported that following the Nigeria-India Presidential Roundtable and Conference held in New Delhi, India, President Bola Tinubu has secured a total sum of $14 billion dedicated to investment pledges for Nigeria.

This was announced via a press statement signed by Ajuri Ngelale, the Special Adviser to the President on Media & Publicity, and posted on the website of the Federal Government.

It would be recalled that President Tinubu left for India a few days ago to attend the G20 Summit where he aims to draw in international investors and enhance foreign direct investment in critical sectors of the nation's economy, thereby stimulating job creation and and government revenue.

Source: Legit.ng