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.
Nigeria’s Vice President, Kashim Shettima has assured Nigerians of the federal government’s dedication to national security, economic transformation, and welfare of the citizens.
This was detailed in a Christmas message on Wednesday afternoon in Abuja under the signature of the Senior Special Assistant to The President on Media & Communications (Office of The Vice President), Stanley Nkwocha.
According to the Vice President, the administration of President Bola Ahmed Tinubu remains unwavering in its focus on these critical areas, as the country looks forward to the dawn of a new year.
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He said, “In these times of economic transformation, I want to assure you that the President Bola Ahmed Tinubu administration remains steadfast in its commitment to improving the lives of all Nigerians.”
Vice President Shettima particularly urged the citizens to imbibe the virtues of national unity during the yuletide season.
“Nigeria’s diversity remains our greatest strength. Let us avail ourselves of the time provided by the holiday season to strengthen the bonds of brotherhood that unite us across all faiths and regions,” he said.
Senator Shettima assured Nigerians of the continued vigilance of the nation’s security forces, noting that “our brave security personnel will continue to work round the clock during this festive period to keep us safe.”
He said enhanced security measures have been put in place to protect the citizens during the holiday period.
“The relevant agencies have been mobilized to ensure your safety and comfort on all major routes,” he stated, urging travelers to remain vigilant.
VP Shettima expressed optimism about the nation’s trajectory in the coming year, saying, “I am filled with hope and optimism about Nigeria’s future. Together, we will build a more prosperous and united nation.
“To our young people, you are the backbone of our nation. The Renewed Hope administration is implementing various initiatives to create opportunities for you to thrive and contribute to Nigeria’s development,” he added.
Osun State Governor, Senator Ademola Adeleke has felicitated Christians in Osun State and beyond on the occasion of the 2024 Christmas celebration, urging them to follow Jesus Christ’s example of compassion and tolerance.
Biztellers reports that Gov Adeleke described the birth of Jesus Christ as a defining moment for mankind, in a statement in Osogbo on Tuesday.
He described the festive season as a solemn reminder of the power of love and how it can save humanity.
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While recognising unity and togetherness as an important message that Jesus Christ’s life resonates, Gov Adeleke charged Osun people, particularly Christians, to draw from the spiritual import of the celebration by sharing love and fostering harmony in communities.
In his words, “I extend my warm wishes to Christian faithful in Osun state and beyond as we mark this year’s Christmas. The birth of Jesus Christ is a manifestation of the power of love and remind us of the essence of compassion,” the Governor noted in his message.
“In the mood of celebration, I urge us to take a moment to reflect on the message of renewal that the birth of Jesus Christ signifies, promoting activities that will unite not divide, build not destroy, and bring peace not conflict.
“It is also my sincere appeal that we extend hands of kindness to the needy and the weak in the society, spreading love and generosity beyond borders. That is the essence of Christmas and it is most essential that at a time like this, no one is left to their fate.”
Archbishop Alfred Adewale Martins, of the Catholic Archdiocese of Lagos, has enjoined all Nigerian leaders to be more sensitive to the yearnings of the people for a better life.
This was contained in a 2024 Christmas Message to Nigerians issued in Lagos under the signature of the Director of Social Communications, Very Rev. Fr. Anthony Godonu.
According to the Archbishop there is an urgent need for a better enabling environment to allow businesses thrive in a bid to reduce the high rate of unemployment and the grinding poverty in the land.
He urged leaders to prioritise the welfare of citizens over personal needs in addressing the widespread hunger, poverty, joblessness, and insecurity ravaging the nation.
ALSO READ: Tinubu Sends Hearty Christmas Greetings To Christians Worldwide
In his words, “Even in the face of policies that are deemed to have positive results in the long-term, such as the removal of fuel subsidies, floating of the naira and the new tax reforms initiative, governments must ensure that the immediate welfare of people is not neglected but factored into the planning and execution of such policies. This is necessary, if the people for whom the policies are being made are not to die before the positive results begin to manifest.
“At the same time, government spending must be prudent and compassionate. In addition, it is necessary to pay more attention to the agricultural sector so that food security can be ensured for overall benefit.”
The Prelate described as very sad and depressing the recent loss of several lives of innocent Nigerians in Ibadan, Abuja, and Anambra in their quest to access food palliatives owing to pervading hunger across the country.
He considered it worrisome that many Nigerians now find it difficult to purchase necessities of life, especially during this festive season that should be a period of merriment, sharing of love, food, and other essentials, which are the hallmarks of the Christmas season.
To forestall a reoccurrence of such ugly incidents, the prelate urged governments, at both federal and state levels, as well as the legislative assemblies, to identify and quickly fix the loopholes in the polity that are responsible for the massive poverty and hardship which Nigerians are facing.
He advocated the appraisal of the nation’s existing laws and enactment and enforcement of only proactive policies that would open the business environment, attract investors, and create more jobs so that the citizens can afford their basic needs; rather than depend on palliatives that offer only temporary relief.
The prelate urged substantial investments in the agricultural sector of the economy to ensure the availability of basic foodstuffs; thereby reducing the high cost of essential food items like rice, beans, onions and grains.
“If citizens have food in their homes, people will not endanger their lives while scrambling for palliatives in the way it happened,” he noted with sadness.
While praying for the souls of those who died in the recent stampedes in parts of the country, he also commiserated with those who lost their loved ones, praying that Jesus, the Prince of Peace would bring solace to the afflicted, comfort to the grieving, and hope to the despairing.
“This special season reminds us of the profound love of God, who sent His only Son to redeem humanity. May the light of Christ illuminate our lives, dispel darkness, and fill our hearts with love, compassion, and kindness. As we gather with family and friends, let us not forget those who are less fortunate, the vulnerable and the marginalised. May our celebration be a catalyst for acts of charity, generosity, and solidarity,” he stated.
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