Nigerian President Bola Tinubu on Wednesday welcomed $14 billion in new investments from Indian companies, saying that the country is open for business and offers the best returns on investment.
The investments include a $8 billion expansion of an Indorama Petrochemical Limited fertilizer production and petrochemical facility in Eleme, Rivers State, a $3 billion investment in iron ore processing and steel development by Jindal Steel and Power Limited, and a $1.6 billion investment in 20 100MW power generation plants by SkipperSeil Limited.
Tinubu said that the new investments are a vote of confidence in Nigeria’s economy and its potential for growth. He urged other investors to follow suit and said that Nigeria is “ready to give you the best returns for investment possible.”
The President also said that his government is committed to improving the country’s macroeconomic and investment climate. He pointed to the recent bullishness of the Nigerian stock market as a sign of investor confidence.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said that the new investments are a “major boost” to Nigeria’s economy. He thanked the Indian investors for their confidence in the country and said that the government will continue to work to create a favorable investment climate.
The Nigeria-India Presidential Roundtable and Conference was held in New Delhi, India. The event was attended by President Tinubu, Minister Edun, and other senior government officials from both countries.