The Nigerian Federal Government has successfully secured a significant investment agreement worth $7 billion from India, marking a strategic endeavor to bolster foreign investment inflows into the nation.
The announcement was made by Mr. Gangadharan Balasubramanian, the Indian High Commissioner to Nigeria, during the commemoration of the 75th Republic Day celebrations held on Friday evening.
This agreement follows India’s commitment made during the G20 Summit the previous year, where the South Asian nation pledged a total investment of $14 billion. Notably, President Tinubu participated in the G20 Summit held in September 2023, hosted by India, during which the investment commitment was formalized.
Addressing attendees at the event, the Indian High Commissioner highlighted the presence of over 150 Indian companies currently operating within Nigeria, underscoring the deepening economic ties between the two nations.
He also mentioned that the companies have a combined investment of $27 billion.
“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 the 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 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 G20. We had a memorable visit of H.E. Mr. Bola Ahmed Tinubu, President of the Federal Republic of Nigeria to the G20 Summit last year in September, that consolidated the ties further.
“Out of the $14 billion promised during this visit as investment into Nigerian economy, $7 billion has already been signed immediately after the visit,” he said.
Moreover, elaborating on the longstanding historical connections between India and Nigeria, Balasubramanian emphasized that his government is actively fostering an enhanced business relationship between the two nations.
“Earlier this week, we had a successful visit of 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 in further strengthening our ties,” he added.
Minister of Foreign Affairs, Ambassador Yusuf Tuggar, said the trade volume between both countries was in the region of $20 billion in the last two years.
According to him, the trade volume consists of $14.95 billion in the formal sector and about $5 billion in the informal sector.