Following the current realities in the country with fuel subsidy removal and inflation figures at 24.08%, although projected to still rise significantly by the end of 2023, the Nigerian government in a series of current global partnerships is in a race to attract more foreign direct investments into the country.

On a visit to India for the Nigeria-India roundtable, the Presidency secured $14 billion in pledges from Indian investors. This development aims to boost Nigeria’s economy and foster international partnerships.

Jindal Steel and Power committed $3 billion to the Nigerian steel sector, while Indorama Corp is set to invest an additional $8 billion in expanding its petrochemical facility in the West African nation. Skipperseil Ltd’s founding Chairman Jitender Sachdeva and India’s Bharti Enterprises each pledged $1.6 billion over four years to build power generation plants and $700 million in Nigeria, respectively, Ngelale said.

In a separate negotiation, Nigeria struck a $1 billion partnership agreement with the Indian government to help the Defence Industries Corporation of Nigeria attain 40% self-sufficiency in local manufacturing and production of defence equipment within the space of three years.President Bola Tinubu’s efforts to attract global capital and stimulate growth, amidst challenges like debt, slow economic growth, unemployment, and inflation, highlight Nigeria’s commitment to reform.

As Africa’s most populous nation, Nigeria is contemplating G20 membership, further underlining its ambition to play a significant role on the international stage. Tinubu made it clear in his message to investors: “Nigeria offers unparalleled opportunities, making it a promising destination for investment and economic development”.

Edited by: Irene David-Arinze