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Thursday, July 11, 2024

Tinubu secures multi billion-dollar steel and petrochemical investments in India

President Bola Ahmed Tinubu has secured billion-dollar investments during his current visit to India. This is according to news reports from the NTA Network News on Wednesday, September 6, 2023.

According to the report, Tinubu commended Indian investors for significant investment pledges amounting to nearly $14 billion committed during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India.

While addressing investors, Tinubu said:

“We are ready to give you the best returns for investment possible, there is nowhere else like our country. Nigeria offers the best returns for investment today, so invest now.”
According to the report, the President has successfully attracted numerous new investments, including a substantial commitment from Indorama Petrochemical Limited.

The company has pledged an impressive $8 billion for the expansion of its fertilizer production and petrochemical facility in Eleme, Rivers State.

Furthermore, Jindal Steel and Power Limited, a prominent private steel producer in India, has committed to investing a substantial $3 billion in Nigeria, following productive discussions with President Tinubu.

In a recent development, on September 6th, Nairametrics reported that President Tinubu held a meeting with Gopichand Hinduja, the Chairman and CEO of the Hinduja Group of Companies.

During this meeting, Hinduja expressed his commitment to inject billions of dollars into Nigeria’s bus and automobile manufacturing sectors, among other areas, signifying a promising future for the nation’s economy.

More insights into Tinubu’s investment moves
Back in June 2023, Tinubu placed a strong emphasis on Nigeria’s commitment to fostering a favourable environment for business and investment during meetings held at the Summit for New Global Financing Pact in Paris.

He engaged with both the African Export-Import Bank (Afrexim) and the European Bank for Reconstruction and Development (EBRD) to convey this message.

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Tinubu articulated his administration’s unwavering dedication to implementing comprehensive economic reforms and extending a warm invitation to global investors.

The aim was to signify Nigeria’s readiness to establish a highly competitive business landscape that would attract investments across all sectors.

Meanwhile, the president’s decision to eliminate fuel subsidies and unify the exchange rate garnered praise from certain investors. These measures were recognized as significant strides toward fortifying the nation’s economy.

The dollar context
In July 223, Nairametrics reported that the Nigerian government is working hard to seek dollar supplies from foreign investors as exchange rate volatility persists in the wake of the Naira unification.

According to the report, government officials in the Tinubu administration are vigorously pursuing strategies to secure dollar supplies, given the ongoing exchange rate volatility following the unification of the naira.

To attract foreign currency through foreign portfolio investments or other forms of capital importation, government officials have been engaging in a series of meetings with foreign investors.