The Nigeria Federal Government has successfully inked a monumental $7 billion investment deal with India, marking a significant milestone in the country’s pursuit of foreign investments.
The announcement was made by Mr. Gangadharan Balasubramanian, the Indian High Commissioner to Nigeria, during the 75th Republic Day celebrations on Friday night.
This substantial investment is part of India’s commitment, made during the G20 Summit last year, where the South Asian country pledged a total investment of $14 billion. President Tinubu, who participated in the G20 September 2023 Summit hosted by India, witnessed the fulfillment of this commitment with the signing of the $7 billion deal.
During the Republic Day celebration event, the Indian High Commissioner highlighted the robust and historical relations between India and Nigeria. Notably, he mentioned that over 150 Indian companies are currently operating in Nigeria, contributing a combined investment of $27 billion, predominantly in the manufacturing sector. Emphasizing the strength of economic and trade relations, Balasubramanian outlined the significant role these Indian companies play in Nigeria’s economy, employing the largest number of people after the Federal Government.
Speaking further on the diplomatic ties, the Indian High Commissioner disclosed that Nigeria was invited as a Guest Country during India’s presidency of the G20. He recalled the memorable visit of President Bola Ahmed Tinubu to the G20 Summit in September 2023, solidifying the bonds between the two nations. Out of the promised $14 billion investment during this visit, $7 billion has already been signed, reinforcing the commitment of both countries to deepen their economic partnership.
To reinforce the commitment to strengthening ties, India’s External Affairs Minister, Dr. S. Jaishankar, recently visited Nigeria for a Joint Commission meeting. This visit included interactions with the Nigerian leadership, business community, and the Indian Diaspora, further solidifying the bilateral relationship. Balasubramanian expressed India’s unwavering support for Nigeria’s development journey and conveyed the Indian government’s dedication to fostering stronger ties.
Providing additional insights, Minister of Foreign Affairs, Ambassador Yusuf Tuggar, shared that the trade volume between India and Nigeria reached approximately $20 billion over the last two years. This substantial trade volume comprises $14.95 billion in the formal sector and an additional $5 billion in the informal sector.
The evolving economic and diplomatic collaboration between India and Nigeria reflects a shared commitment to mutual development and prosperity. As both nations continue to deepen their ties, the $7 billion investment agreement stands as a testament to the growing partnership and the positive impact on economic growth in both countries.
