Indian Firms to Invest $14bn in Nigeria – Minister
The Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, has revealed that Indian investors were prepared to inject $14bn into Nigeria’s economy.
In a statement on Wednesday, Uzoka-Anite commended the efforts of both countries in concluding the sixth session of the Nigeria-India Joint Commission meeting.
According to Uzoka-Anite, Nigeria is home to approximately 150 Indian companies, many of which are strong household names in the country.
She pointed out that Nigerians had embraced Indian companies such as Bharti Airtel, Tata, Stallion Motors, Churchgate and Indorama and others.
Meanwhile, the Federal Government and India have worked out strategies to strengthen bilateral relations between both countries, especially on economic development and attracting more investments in the blue economy.
This was disclosed in a statement signed by the Director of Press and Public Relations, Ministry of Marine and Blue Economy, Olujimi Oyetomi, on Wednesday.
It stated that during the India Trade Mission to Nigeria/Nigeria-India Business Forum, Nigeria-India Business Council with the theme ‘Expanding Trade & Investment Opportunities Between Nigeria and India’ held in Abuja, the Minister for Ministry of Marine and Blue Economy, Adegboyega Oyetola, expressed optimism about the potential collaboration between the two countries.
“I am particularly glad that this forum has brought Nigeria and India together to collaborate and strategically plan on exploring investment opportunities in both countries.
“I am optimistic that this forum will further strengthen the bilateral ties between the two countries, thereby increasing foreign direct investment, facilitating capacity/technology transfer and fostering sustainable business partnerships between the government and private sectors of both countries,” the minister noted.
According to Oyetola, the business forum could not have come at a better time as the Federal Government is poised to harness the potential of the blue economy through public private partnership.
He also highlighted his expectations from the initiative, outlining areas of potential economic cooperation, such as enhancing port infrastructure, promoting blue economy investments, developing tourism facilities, and creating export processing terminals for agro exports, and providing inland waterways passenger transport and tourism services; among other areas.
In addition to India’s commitment to fostering ties and cooperation with Nigeria, the Minister of External Affairs of India, Subrahmanyam Jaishankar, highlighted India’s development projects across Nigeria and pledged continued support, particularly in areas such as technology sharing, agricultural sustainability, and the blue economy.
“The proof of our commitment to fostering ties and cooperation with Nigeria is indicative in the 200 development projects of the Indian government across Nigeria,” Jaishankar stated.
He added that India extended its hands of alliance to Nigeria and Africa, noting that the relationship with the Ministry of Marine and Blue Economy will build more linkages that will foster relationships between both countries.
