The Federal Government of Nigeria has successfully secured a substantial $7 billion investment deal from India, representing a significant stride in the country’s ongoing efforts to attract foreign investments. This noteworthy development was disclosed by Mr. Gangadharan Balasubramanian, the Indian High Commissioner to Nigeria, during the 75th Republic Day celebrations.
It’s important to note that this investment follows India’s commitment of $14 billion made at the G20 Summit in September 2023, an event in which President Tinubu actively participated.
Balasubramanian emphasized the robust economic ties between India and Nigeria, highlighting the presence of close to 150 Indian companies with a cumulative investment of $27 billion in Nigeria.
The Indian High Commissioner underscored the historical relations between the two nations and the reinforcement of bilateral ties through President Tinubu’s significant participation in the G20 Summit. Out of the committed $14 billion, $7 billion has already been formally signed as an immediate investment in Nigeria’s economy.
In addition, Balasubramanian shared insights into a successful visit by India’s External Affairs Minister, Dr. S. Jaishankar, for a Joint Commission meeting. This visit aimed at fostering deeper connections with Nigeria’s leadership, business community, and the Indian Diaspora. Balasubramanian expressed India’s unwavering commitment to enhancing the business relationship between the two nations.
Minister of Foreign Affairs, Ambassador Yusuf Tuggar, provided further context, stating that the trade volume between India and Nigeria over the last two years has reached approximately $20 billion. This trade volume comprises $14.95 billion in the formal sector and around $5 billion in the informal sector. These recent developments signify a positive trajectory in the economic collaboration between India and Nigeria, underlining the potential for mutual growth and prosperity.