The Federal Government says it has finalized a $7 billion investment deal with India.
This was disclosed by Mr. Gangadharan Balasubramanian, the Indian High Commissioner to Nigeria, during the 75th Republic Day celebrations held on Friday night.
The financial commitment follows India’s prior promise of a $14 billion investment made during the G20 Summit in September 2023, where President Bola Tinubu actively participated.
The signing ceremony represents a pivotal step in revitalizing half of that commitment with $7billion now officially secured for bolstering the Nigerian economy.
Highlighting the enduring and robust relations between India and Nigeria, Mr. Balasubramanian noted that approximately 150 Indian companies are currently operational in Nigeria, contributing to a substantial $27billion in investments.
Predominantly situated in the manufacturing sector, these companies rank as significant employers, second only to the Federal Government.
Emphasizing the historical ties between the two nations, the Indian High Commissioner expressed satisfaction with the deepened economic and trade relations, citing the recent visit of India’s External Affairs Minister, Dr. S. Jaishankar, as a key contributor to the strengthened ties.
In response to these positive developments, Minister of Foreign Affairs, Ambassador Yusuf Tugar, underscored the robust trade volume between Nigeria and India, reaching an impressive $20 billion in the last two years.
This includes a formal sector trade volume of $14.95 billion and an additional $5 billion in the informal sector.
India’s commitment to inject $7 billion into the Nigerian economy is anticipated to yield significant economic benefits for both nations, fostering increased collaboration and mutual growth.
As the relationship between India and Nigeria continues to flourish, leaders from both sides have expressed their dedication to further strengthening these ties, with an eye towards fostering prosperity for their respective citizens.
