The government of India has approved $7 billion for Nigeria as part of the $14 billion foreign investment the country promised last year.
The Narendra Modi-led country hosted the G20 Summit last September in New Delhi where $14 billion was pledged by Indian businessmen for Nigeria.
President Bola Ahmed Tinubu who attended the summit in the India’s capital signed the deal with the investors on behalf of the federal government.
According to the Indian High Commissioner to Nigeria, Gangadharan Balasubramanian the 47 billion foreign capital was singed Friday night during India’s 75th Republic Day celebrations.
The India diplomat said his country now has a combined investment of over $27 billion in Nigeria, adding that no fewer than 150 Indian companies are currently operating in the country.
He explained that the diplomatic relations between the two countries dated back to Nigeria’s independence in 1960, adding that the ties was further strengthened by President Tinubu’s visit to his country during the G20 Summit.
The envoy said, “With the ties dating back to before Nigeria’s independence, our bilateral relations have been nurtured by the leadership of both the countries.
“Our economic and trade relations are strong and growing. Currently nearly 150 Indian companies with an investment of USD 27 billion are in Nigeria, mainly in the manufacturing sector and employ the largest number of people after the Federal Government.
“Owing to the special relationship, India had invited Nigeria as a Guest Country during her presidency of G20. We had a memorable visit of H.E. Mr. Bola Ahmed Tinubu, President of the Federal Republic of Nigeria to the G20 Summit last year in September, that consolidated the ties further.
“Out of the 14 billion promised during this visit as investment into Nigerian economy, 7 billion has already been signed immediately after the visit.
” Earlier this week, we had a successful visit of our External Affairs Minister Dr. S. Jaishankar for the Joint Commission meeting.
“He had interactions with the leadership and business community in Nigeria and the Indian Diaspora.
“We stand shoulder to shoulder with our Nigerian friends in our joint journey towards development and would like to convey the commitment of the Government of India in further strengthening our ties.”
India is one of the countries with the highest foreign capital in Nigeria, with investments spanning food and beverages, Oil and gas, amongst others.
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