India has greenlit $7 billion in funding for Nigeria as part of the $14 billion foreign investment pledge made by the country last year.
The commitment was made during the G20 Summit hosted by Prime Minister Narendra Modi in New Delhi last September, where Indian entrepreneurs vowed to invest $14 billion in Nigeria.
President Bola Ahmed Tinubu, who represented Nigeria at the summit in India’s capital, sealed the agreement with the investors on behalf of the federal government.
Gangadharan Balasubramanian, the Indian High Commissioner to Nigeria, disclosed that the $7 billion foreign capital deal was finalised on Friday night during India’s 75th Republic Day celebrations.
The diplomat highlighted that India’s investment in Nigeria has now surpassed $27 billion, with approximately 150 Indian companies currently operating in the country.
He explained that the diplomatic relations between the two countries date back to Nigeria’s independence in 1960, adding that the ties were further strengthened by President Tinubu’s visit to his country during the G20 Summit.
The envoy said, “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 USD 27 billion are in Nigeria, mainly in the manufacturing sector, and employ the largest number of people after the Federal Government.
“Owing to the special relationship, India had invited Nigeria as a guest country during her presidency of the G20.
We had a memorable visit by H.E. Mr Bola Ahmed Tinubu, President of the Federal Republic of Nigeria, to the G20 Summit last year in September, which consolidated the ties further.
“Out of the 14 billion promised during this visit as an investment in the Nigerian economy, 7 billion have already been signed immediately after the visit.
”Earlier this week, we had a successful visit by our External Affairs Minister, Dr. S. Jaishankar, for the Joint Commission meeting.
“He had interactions with the leadership and business community in Nigeria and the Indian Diaspora.
“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 further strengthen our ties.”
India is one of the countries with the highest foreign capital in Nigeria, with investments spanning food and beverages, oil, and gas, amongst others.
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