India Nigeria seal over INR one Lakh Crores Investment and Defence Pact
India signed a INR 8500 crores defence deal with Nigeria to help the Defence Industries Corporation of Nigeria (DICN) attain 40% self-sufficiency in local manufacturing and production of defence equipment in three years.
Nigeria has the potential to offer unparalleled returns on investments. The West African country aims to focus on investment-led growth, moving away from borrowing to finance its infrastructure and job creation needs.
In a determined step towards rapid economic growth, Nigeria has obtained investment commitments totalling nearly INR 119000 Crores from various Indian companies and the Indian government.
The Nigerian President Bola Tinubu aims to spur development in key sectors like steel, petrochemicals, power generation, and defence through these partnerships.
Indian Corporate Companies like Jindal Steel and Power have made significant investment commitments in Nigeria. The company plans to inject INR 25500 crores into Nigeria’s steel industry, diversifying the West African nation’s reliance on oil production. Indorama Corp, another Indian firm, intends to pour an additional $8 billion into expanding its existing petrochemical facility in Nigeria.
Skipperseil Ltd and Bharti Enterprises have each pledged to invest INR 13500 Crores in Nigeria over the next four years. The funds will be primarily channelled into constructing power generation plants to strengthen Nigeria’s energy infrastructure. Bharti Enterprises will also contribute INR 6000 Crores towards few other smaller projects in Nigeria.
In a mutually-beneficial agreement, the Nigerian government has given the nod to a INR 8500 crores partnership with the Indian government.
This deal is designed to increase the Defence Industries Corporation of Nigeria, with the goal of achieving 40% self-sufficiency in the manufacturing and production of defence equipment within a three-year time frame.
These commitments were formalised under the Nigeria-India presidential round table and conference, which aims to drive global capital into Nigerian infrastructure projects.
President Tinubu, who is slated to attend the G20 summit in New Delhi later this week, hosted these talks. His attendance at the summit follows an invitation from India, the current holder of the rotating presidency of the G20 bloc.
