On the 6th of September 2023, the President of the Federal Republic of Nigeria delivered keynote remarks at the Nigeria-India Presidential Roundtable. This event was jointly organized by the Nigerian High Commission in India in partnership with the Confederation of Indian Industry (CII) and the Nigeria-India Business Council (NIBC).
“I don’t have free lunch to serve you, don’t keep quiet, don’t be frightened to bring investments. Bring it on, I have a team, I am the captain of that team and I assure you, we solve problems” – President Bola Tinubu said to business leaders at the Nigeria-India Presidential Roundtable.
President Tinubu was extended an invitation to attend the G-20 Summit in New Delhi, set for September 9th-10th. This gesture underscores the importance of his visit and its potential to enhance global collaborations.
He also expressed appreciation towards Indian investors for their substantial commitment, which totals nearly $14 billion U.S. dollars, demonstrating their confidence in the Nigerian market.
“We are ready to give you the best returns for investment possible; there’s nowhere else like our country. Nigeria offers the best returns for investment today, so invest now,” Tinubu told Indian business leaders from the pharmaceutical, power, petrochemical and agricultural sectors.
During the G20 Summit, the Nigerian leader is anticipated to present Nigeria’s viewpoint on the theme, “One Earth-One Family-One Future.” This theme underscores the necessity for worldwide solidarity in tackling the challenges confronting both humanity and the planet.
Jitender Sachdeva, Founding President of SkipperSeil Limited, revealed that thanks to the direct involvement of President Bola Tinubu, he is injecting $1.6 billion U.S. dollars into the creation of twenty 100MW power generation facilities in Northern Nigeria. This initiative is set to add a total of 2,000MW of fresh power capacity within the next four years.
On behalf of investors, the Chairman of Bharti Enterprises, Sunil Bharti Mittal told the President, “You have unified the FX market. You have freed up crucial capital to upgrade your public infrastructure. You have just dropped your prepared remarks and spoken from your heart. Our investors have heard from a leader doing everything possible to attract capital to Nigeria for the benefit of Nigerians and our companies. Mr. President, we will bring these investments to Nigeria, and with your inspiring leadership style, we can only do more and more.”
At the Nigeria India Business Conference, Chandrajit Banerjee, Director General of the Confederation of Indian Industry (CII), said “CII is dedicated to forging a partnership between businesses that benefits the entire African continent. We’re enthusiastic about the potential of the African Continental Free Trade Area (AfCFTA) and firmly believe that enhanced engagement between Indian businesses and the continent, including Nigeria, will be a significant growth driver for the region. Indian businesses are eager to contribute, particularly in areas like agriculture, infrastructure, education, digital economy, healthcare, and manufacturing.”
VR Sharma, MD-JSPL and President of the Nigeria India Business Council, said “We have observed the decisive actions taken by His Excellency within a very short time since assuming office. These decisions have been both bold and forward-thinking, not only in the interest of Nigeria but also offering immense business opportunities globally.”
“The Nigeria India Business Council, under the guidance of H.E. Mr. Ahmed Sule, High Commissioner of the Federal Republic of Nigeria to India, has been instrumental in facilitating collaborations. We foresee a bright future for business ties between our nations, especially with the conducive environment for investment in Nigeria. A number of prominent Indian companies have made substantial investments in Nigeria, such as Airtel and Indo Rama, and this trend is expected to grow.”
“The steel industry in Nigeria holds significant potential, particularly in producing hot rolled coils. Jindal Steel’s three million-ton capacity project is a testament to the interest and opportunities available. The availability of gas resources further enhances the feasibility of such ventures, not only catering to the domestic market but also meeting the demands of ECOWAS countries, he added.”
Nigeria is ready for business…Come to Nigeria…The market is there. And the people are ready to partner with you…” said the High Commissioner of the Federal Republic of Nigeria to India, H.E. Ahmed Sule.
Nigerian Foreign Minister, Yusuf Maitama Tuggar said, going back to the Non-aligned Movement, India and Nigeria share closer ties and there are lots of business opportunities. We look forward to joining G20 and Nigeria is on the table and wants to become a part of the G20 decision-making process globally.”
Nigeria’s Minister of Finance Olawale Edun said that he is optimistic about what has been achieved so far. India and Nigeria are charting a course for combined mutual prosperity based on economic growth. Nigeria’s focus is on attracting global capital and promoting foreign direct investments. This underscores our commitment to job creation, economic diversification and revenue expansion.
Dr. Bosun Tijani, Minister of Communications, and Innovation shared his thoughts about their desire as a country to leverage their young entrepreneurial population, combined with India’s strength in technological innovation to contribute to the global digital narrative. He ended by saying “It’s a great time to invest in Nigeria.”
Under the supervision of Nigeria’s Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, a third Memorandum of Understanding (MoU) concerning Infrastructure Development was inked. This agreement was between the Infrastructure Corporation of Nigeria Limited (InfraCorp) and Invest India, the National Investment Promotion and Facilitation Agency of India, which aids investors in identifying and exploring investment prospects in India.