NEWS
Tinubu Lures Indian Investors With Returns
President Bola Ahmed Tinubu has commended Indian investors for significant investment pledges amounting to nearly $14 billion U.S. dollars committed during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India, and assured them of high returns on investments.
This was contained in a statement released on Wednesday, by Special Adviser to the President, Media and Publicity, Ajuri Ngelale.
President Tinubu said, “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.”
Among the many new investments, Indorama Petrochemical Limited pledged a new investment of $8 billion U.S. dollars in the expansion of its fertilizer production and petrochemical facility in Eleme, Rivers State.
On its part, Jindal Steel and Power Limited, one of India’s largest private steel producers, committed to investing $3 billion in Nigeria, following discussions with President Tinubu on the sidelines of the G-20 Summit in New Delhi, India.
Founding President, SkipperSeil Limited, Jitender Sachdeva announced that, following President Tinubu’s personal intervention, he would be investing $1.6 billion U.S. dollars in the establishment of 20 100MW power generation plants across the states of Northern Nigeria, amounting to 2,000MW of new power within the next four years.
Additionally, the President has approved finalisation on a new $1 billion U.S. dollar agreement to bring the Defense Industries Corporation of Nigeria (DICON) to 40 percent self-sufficiency in local manufacturing and production of defense equipment in-country by 2027 through a comprehensive new partnership with the Managing Arm of the Miltary-Industrial Complex of the Indian Government.
Another Indian firm, Bharti Enterprises, which is a major first-generation corporation in India with interests in telecom, space communications, digital solutions, insurance, processed foods, real estate, and hospitality, expressed commitment to investing an additional $700 million in Nigeria, with work set to begin immediately.
Emphasising that under his pragmatic leadership, agreements must now manifest in industries and jobs on the ground in Nigeria, President Tinubu expressed gratitude to all Indian companies and individuals who responded positively to his administration’s efforts to improve Nigeria’s macroeconomic and investment climate.
“Do not procrastinate. Don’t be frightened about investments in Nigeria. Bring it on. Ask your questions and make your requests.
“The trade and investment opportunities are enormous. I have a team, and I am the captain of that team, and I assure you that we solve problems,” the President affirmed.
He informed prospective investors that in Nigeria, there is no free lunch or shortcuts, but that he has “good economic policy for the investors as well as able men and women in leadership and on the ground, who can drive the goal of broad prosperity through investment and infrastructure.
“I will captain and lead the course of investment, development, and prosperity for the largest democracy in Africa and for investors from the rest of the world,” the President added.
He made it clear that Nigeria was open for business with intelligent, innovative, capable, and highly committed individuals in government, who are ready to drive the largest economy in Africa to destiny.
The President also told the Summit that “he is proud” that the Nigerian stock market had broken records in its consistent bullishness since he assumed office.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who addressed the roundtable themed, “Building Partnerships with Renewed Hope for a Diversified and Prosperous Economy,” thanked Naveen Jindau, Chairman of Jindal Steel and Power Limited, for the new $3 billion investment in iron ore processing and steel development in Nigeria.
Commending the Tata Group and so many others who responded promptly to President Tinubu’s bold and decisive moves to correct the major systemic faults in the macro-economic and investment climate in Nigeria, the Finance Minister noted, “I also wish to thank Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises, for his continued commitment to invest in the first phase at least $700 million dollars more in Nigeria,” Edun said.
Edun further used the opportunity to explain the underlying principles of President Tinubu’s eight-point strategy, emphasising that his agenda was geared towards the promotion of growth and job creation, poverty reduction, food security, improved access to capital, inclusivity, business and citizen security, and fair play on a foundation of rule of law and anti-corruption.
On behalf of investors, 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.
“Now, you have just dropped your prepared remarks and have spoken from your heart.
“Our investors have heard from a leader who is 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.”
Also, at the event, Nigeria’s Minister of Communication, Innovation and Digital Economy, Dr. Bosun Tijani, and his counterpart from India’s Ministry of Electronics and Information Technology signed a Memorandum of Understanding (MoU) for Co-operation in the field of Sharing Successful Digital Solutions, to be implemented at total population scale for digital transformation.
The Minister also signed an MoU with Central Square Foundation for Co-operation in the field of Sharing Successful Ecosystems, which involve interventions relating to education technology, to be implemented at population scale for digital economic transformation.
Under the watch of Nigeria’s Industry, Trade and Investment Minister, Dr. Doris Uzoka-Anite, a third MoU on Infrastructure Development was signed between the Infrastructure Corporation of Nigeria Limited (InfraCorp) and Invest India, the National Investment Promotion and Facilitation Agency of India, which helps investors looking for investment opportunities and options in India.
Closing the interactive session, Director-General, Confederation of Indian Industries (CII), Chandrajit Banerjee, noted that the Presidential Roundtable serves as a robust foundation for Indian businesses looking to engage with Nigeria and would encompass cooperation across key areas, such as capacity building, skills development, agriculture, and the enhancement of digital and physical infrastructure, among others.
“Under the determined leadership of President Tinubu, the CII is prepared to dispatch a high-level delegation to Nigeria, and we are keen on establishing a second presence in Africa, with Nigeria as our target destination,” he concluded.
The Presidential roundtable, attended by President Tinubu, also had in attendance Governor Dapo Abiodun of Ogun State; Amb. Yusuf Tuggar, Minister of Foreign Affairs;
Dr. Bosun Tijani, Minister of Communications, Innovation, and Digital Economy; and Dr. Doris Uzoka-Anite, Minister of Industry, Trade, and Investment; along with industry leaders from both India and Nigeria.
Following the Roundtable, the President met individually with each of the top pledging investors to finalize on the next steps to ensure that no environmental encumbrance stands in the way of their success in Nigeria.
The Speaker of the House of Representatives, Hon. Abbas Tajudeen, has inaugurated a 21-member Ad-Hoc Committee that will oversee the administration of Rivers State during the six-month State of Emergency declared by President Bola Tinubu.
The committee, which will be led by the House Leader, Rep. Prof. Julius Ihonvbere, with Rep. Ali Isa J.C. serving as Deputy Chairman, was officially unveiled on Tuesday at the National Assembly in Abuja.
According to Speaker Abbas, the creation of the committee demonstrates the National Assembly’s commitment to constitutional order, good governance, and the protection of national unity.
READ MORE: Rivers Women Stage Solidarity March In Support Of Emergency Rule
“This marks a critical milestone in our constitutional mandate and is a reflection of our dedication to transparent governance and the rule of law,” the Speaker declared during the inauguration ceremony.
President Tinubu’s declaration, which came into effect on March 18, was made under Section 305 of the 1999 Constitution (as amended). The President described the situation in Rivers State as a “grave crisis threatening public order” and emphasized the need to safeguard the welfare of the citizens.
Referencing previous cases of emergency rule, including those in Plateau (2004), Ekiti (2006), and the North-East (2013), Abbas reminded lawmakers that the National Assembly had always played a stabilizing role during such interventions.
He clarified that the appointment of Rear Admiral Ibok-Ete Ekwe Ibas (Rtd.) as the caretaker administrator for Rivers State is a stopgap arrangement designed to restore basic governance and maintain public safety.
“The Administrator’s role is limited to maintaining law and order until democratic governance is fully restored,” Abbas said, adding that the administrator would be reporting directly to the National Assembly.
The Speaker urged committee members to carry out their duties with professionalism and neutrality, warning them to avoid partisan conduct.
“You must avoid partisanship and ensure that your actions strictly align with the Constitution,” Abbas stressed. “Beyond oversight, you are also expected to support reconciliation and peacebuilding efforts in Rivers State.”
In response, Committee Chairman Ihonvbere expressed confidence in the team’s ability to carry out the assignment with excellence, citing the members’ collective experience and commitment.
“If I am not wrong, this is probably the strongest ad-hoc committee ever set up since 2019,” Ihonvbere noted.
“With the experience, exposure, and dedication of this team, I assure you on behalf of my colleagues that we will not disappoint the Speaker, the National Assembly, or the Nigerian people.”
He added that the committee would begin work immediately and promised that all activities would be guided by transparency, diligence, and objectivity.
The committee’s responsibilities will include monitoring the implementation of federal directives in Rivers State, ensuring that the caretaker government stays within constitutional boundaries, and submitting regular reports to the House of Representatives.
Former Kano State Governor and 2023 Presidential Candidate of the New Nigeria People’s Party (NNPP), Senator Rabiu Musa Kwankwaso, has condemned the recent spate of deadly attacks in Plateau State, calling on the relevant authorities to ensure that the perpetrators are swiftly brought to justice.
Kwankwaso, in a statement posted on his verified Facebook page, expressed deep sadness over the attack on the Zike community, Kimakpa, in Kwall district of Bassa Local Government Area, which claimed the lives of 51 people and left several properties destroyed.
READ ALSO: 40 Killed In Fresh Attack On Plateau Community As Violence Escalates
The NNPP chieftain described the incident as a tragic addition to the wave of violence that has rocked the state in recent weeks.
He noted that the Zike attack came shortly after over fifty other residents were killed across five communities within the space of a week.
“It is important that Plateau State must not be allowed to become a hotbed of violence and wanton destruction again after the relative peace it has enjoyed in recent years,” he stated.
Kwankwaso called on the Federal Government to rise to its constitutional responsibility of protecting lives and property, while urging residents and stakeholders to embrace peace.
“I extend my condolences to the Government and people of Plateau State. I also urge the authorities to ensure that justice is served by bringing the perpetrators of these heinous crimes to book,” the former governor added.
The recent attacks have continued to fuel concerns over security lapses in the region, as calls for decisive action and lasting solutions grow louder.
The Nigeria Union of Journalists (NUJ), Lagos State Council has commended Dangote Refinery for its consistency in the price reduction of Premium Motor Spirit (PMS) otherwise known as petrol.
The NUJ was reacting to the latest reduction in the ex-gantry loading cost of PMS from ₦880 per litre to ₦865.
Biztellers reports that the Chairman, Nigeria Union of Journalists, Lagos State Council, Adeleye Ajayi, noted that the Dangote Refinery had projected itself as a huge partner in progress to all Nigerians.
The gesture, the Council Chairman said had endeared the business mogul to Nigeria as a saviour of the masses in the face of the present hardship.
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Recall that the Dangote Refinery had announced a reduction of its ex-depot price per liter by N15 ostensibly following reduction in the price of crude oil in the international market.
“I want to emphatically say that the Dangote Refinery is indeed a blessing to all Nigerians. The roll out of petroleum products from Dangote Refinery has indeed changed the game and the fuel market is now liberalized,” he stated.
Urging other industrialists to take a cue from Dangote’s good heart towards Nigerians in the face of present economic hardship, the NUJ boss added, “In the last few months, we are all aware that Dangote Refinery has crashed the price of PMS at different interval and we are very optimistic that such gesture will be extended to other sectors by other industrialists.
“We need more Dangotes in this country so that Nigeria can be great again. Imagine if we have three or four Dangote in other sectors of Nigeria’s economy, Nigeria’s economic progress would have been fastracked.”
In a related development, Ajayi lauded the move by the Federal Executive Council (FEC) which gave an express approval for the full implementation of the suspended Naira-for-Crude agreement with local refiners on Wednesday.
He opined that the move would boost the confidence of the citizenry, as the output was expected to improve the living conditions of Nigerians.
Reps Moves To Ensure Order In Rivers, Inaugurates 21-Member Committee
‘Plateau Must Not Become A Killing Field’ — Kwankwaso Mourns Victims, Seeks Justice
NUJ Lauds Dangote For Crashing Petrol Price
NIMASA Dangles Opportunities Before Private Investors At Enugu Int’l Trade Fair
Shell Commends Oloibiri Lecture Series As Platform For Change
