President Bola Tinubu, on Wednesday, September 6, told a gathering of Indian investors to seize the vast investment opportunities waiting in Nigeria, assuring them that is where the best return on vestments is as of today.
Tinubu was speaking at a Presidential Roundtable and Business Conference, organized by the Nigerian High Commission, in collaboration with the Confederation of Indian Industry (CII) and the Nigerian Indian Business Council (NIBC), in Delhi, India.
The president also commended Indian investors for significant investment pledges amounting to nearly $14 billion U.S. dollars committed during the Conference.
According to the president, who with confidence said that nowhere else offers the sort of investment opportunities now available in Nigeria, his administration, made of capable, intelligent, and committed individuals, will drive an economy that will support profit-making investments.
To buttress his point on the opportunities abounding in Nigeria, the President cited the situation where one of the biggest petrochemical companies in the world, which has huge investments in the country, Indorama, called his attention to a challenge, which he instructed the Nigerian National Petroleum Company Limited (NNPCL) to sort out in less than 21 days.
He, however, assured the investors of the readiness of his administration to provide every needed support, including government intervention when needed, adding that he would be leading his team of ministers to drive a prosperous and performing economy, which would be supporting investments to thrive.
He allayed the fears of negative and inconsistent policy impacts, noting that whatever might have happened in the past should be recorded for the twists and turns of politics, which he said is not peculiar to Nigeria, but also applicable to some of the oldest contemporary democracies like the United States of America.
“We are the people that pledged to represent the bureaucracy, the authority in many ways here before you, and the captain of that ship is myself, Bola Ahmed Tinubu. I can only promise you that I will captain the vessel of development, prosperity, and democracy, fully for Africa, the largest democracy, and for the rest of the world.
“You know where the shoe pinches. Thank you for the collaborative effort of looking far ahead, and seeing the future, nobody has a crystal ball. Without risk, there can be no return, there can be no success and no one succeeds alone, we have to partner, and we have to make positive efforts at promoting people and collaborating in a friendly manner and that’s what Nigeria is all about. Perhaps when my friend Sunil was coming to Nigeria, he just saw the opportunity and today he’s one of most respected Indian-Nigerian, and many of you the same.
“What you have seen in the past where you might be frustrated, that is the twist and turn of democracy. It will happen, if it is happening in America for over 250 years, then expect the twists and turns, the hills and valleys in the African continent.
“But I come here to assure you that definitely we are open for business, you’ve heard it. We have capable, intelligent, and highly committed individuals in the government to drive the economy of Nigeria and to be able to give you the best return possible. There is nowhere else.
“You pinchpenny in America and any other part of the world. Nigeria offers the best return on investment as of today, so invest. And many of you who are there can attest to that. You heard the Managing Director of the Stock Exchange saying there is high elation in the stock market, which has been very bullish since I assumed office. I’m proud of that.
“As for decision making no problem, be relaxed. Here is one of the examples; Indorama.
They had a lingering problem for years, between the NNPC and them. I stepped in when it came to my attention. I said give me the result in 21 days. Before 21 days, he brought the paper to my office… “I’ve solved the problem, sir.”
“Indorama is alive to its billing, it’s going to pump in money to invest more and create more employment, isn’t it? Your problem is solved.
“That’s the example I just want to bring before you and the assurance that I don’t have free lunch to serve you, but I have good economy and policies to place before you. I have able men and women who can drive the goal.
“I had the statistics of the infrastructure development that is operating. It took me some hours to get here, if you have a good aviation synergy between Nigeria and India, it would be easier, so we have to promote all of that.
“Information technology is a must for us and you can see one of the most dynamic and youngest in the cabinet driving it because as we push up for today, plan for tomorrow, we might build for the day after. It is in your hands and I promise you, just don’t keep quiet, don’t procrastinate, and don’t be frightened about investments in Nigeria.
“Bring it on, ask your questions, make your requests. The trade and investment opportunity is enormous. I have a team and I’m the captain of that team. I assure you, we solve problems”, he said.
Among these many new investments, Indorama Petrochemical Limited has pledged a new investment of $8 billion U.S. dollars in the expansion of its fertilizer production and petrochemical facility in Eleme, Rivers State.
Jindal Steel and Power Limited, one of India’s largest private steel producers, has committed to investing $3 billion in Nigeria, following discussions with President Tinubu on the sidelines of the G-20 Summit in New Delhi, India.
Founding President of SkipperSeil Limited, Mr. Jitender Sachdeva announced that, following President Bola Tinubu’s personal intervention, he is investing $1.6 billion U.S. dollars in the establishment of twenty 100MW power generation plants across the states of Northern Nigeria, amounting to 2,000MW of new power within the next four years.
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 defence equipment in-country by 2027 through a comprehensive new partnership with the Managing Arm of the Miltary-Industrial Complex of the Indian Government.
Another Indian firm, Bharti Enterprises, which is a major first-generation corporation in India with interests in telecommunications, space communications, digital solutions, insurance, processed foods, real estate, and hospitality, has expressed its commitment to invest an additional $700 million in Nigeria, with work set to begin immediately.
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.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who addressed the roundtable themed, “Building Partnerships with Renewed Hope for a Diversified and Prosperous Economy,” 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.
Commending the Tata group and so many others who have immediately responded to the President’s bold and decisive moves to correct the major systemic faults in the macro-economic and investment climate in Nigeria, Finance Minister, Edun noted: “I also wish to thank Mr. Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises, for his continued commitment to invest in the first phase at least $700 million dollars more in Nigeria.”
Minister Edun further used the opportunity to explain the underlying principles of President Tinubu’s eight-point strategy, emphasizing that his agenda aims to promote growth and job creation, poverty reduction, food security, improved access to capital, inclusivity, business and citizen security, and fair play on a foundation of rule of law and anti-corruption.
On behalf of investors, the chairman of Bharti Enterprises, Mr. Sunil Bharti Mittal told the President, “You have unified the FX market. You have freed up crucial capital to upgrade your public infrastructure. Now, you have just dropped your prepared remarks and have spoken from your heart. Our investors have heard from a leader who is doing everything possible to attract capital to Nigeria for the benefit of Nigerians and our companies. Mr. President, we will bring these investments to Nigeria, and with your inspiring leadership style, we can only do more and more.”
Also, at the event, Nigeria’s Minister of Communication, Innovation and Digital Economy, 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 minister also signed a MoU with Central Square Foundation for cooperation in the field of Sharing Successful Ecosystems, which involves interventions relating to education technology, to be implemented at the population scale for digital economic transformation.
Under the watch of Nigeria’s Industry, Trade and Investment Minister, Doris Uzoka-Anite, a third MoU on Infrastructure Development was signed between the Infrastructure Corporation of Nigeria Limited (InfraCorp) and Invest India, the National Investment Promotion and Facilitation Agency of India, which helps investors looking for investment opportunities and options in India.
Closing the interactive session, Chandrajit Banerjee, the Director-General of the Confederation of Indian Industries (CII), noted that the Presidential Roundtable serves as a robust foundation for Indian businesses looking to engage with Nigeria and would encompass cooperation across key areas, such as capacity building, skills development, agriculture, and the enhancement of digital and physical infrastructure, among others.
“Under the determined leadership of President Tinubu, the CII is prepared to dispatch a high-level delegation to Nigeria, and we are keen on establishing a second presence in Africa, with Nigeria as our target destination,” he concluded.
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 the next steps to ensure that no environmental encumbrance stands in the way of their success in Nigeria.
