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.
With a view to strengthening the enforcement of environmental laws so as to sustain a clean, healthy and habitable environment throughout the state, the Osun State Government has set up a Special Task Force on Environmental sanitation.
The Task Force, according to a government house statement issued on Monday in Osogbo, is to be chaired by the state Head Of Service, Samuel Ayanleye Aina and deputised by the Hon. Commissioner for Environment and Sanitation, Hon Mayowa Adejoorin.
The core mandate of the taskforce according to a statement issued by the state commissioner for Information and Public Enlightenment, Oluomo Kolapo Alimi, is to tackle environmental infractions throughout Osun state particularly indiscriminate waste disposals in drains and roadsides as well as other places that have the potential of constituting environmental nuisances.
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The state government particularly viewed with great concern and accordingly flayed the indiscriminate manner with which people litter many places including road medians with dirts and debris of different kinds, an act which it further noted could cause serious environmental hazards.
The State Government while putting in place the taskforce urged its members to ensure that all enforcement activities are diligently carried out in accordance with the law.
The government warned that offenders will be prosecuted if, henceforth, they are caught or found culpable in one way or the other in negating all the environmental laws of the state.
It also urged the Special Task Force on Environmental sanitation to remain committed to due process in the discharge of its core duties and mandates.
Other members of the Samuel Ayanleye Aina led Special Task Force on Environmental sanitation are the Hon. Commissioner for Information and Public Enlightenment, Oluomo Kolapo Alimi, Special Adviser to the Governor on Political Affairs, Alh.Muniru Raji, General Manager, Osun State Waste Management Agency(OWMA), Mr Oyewole Fatai Oladosu and Mr.K.K.Oyelami.
Other members of the taskforce are Osun Amotekun Corps Commander, Hon. Omoyele Isaac Adekunle, Hon. Commissioner for Women Affairs, Chief (Mrs) Ayobola Fadeyi Awolowo and Special Adviser to the Governor on Market Affairs, Mrs Eniola Omotoso.
The task force is to commence work with immediate effect.
Senator Dino Melaye, a chieftain of the African Democratic Congress (ADC), has said petrol prices could fall to between ₦400 and ₦500 per litre if the party’s proposed fuel subsidy policy is implemented under an Atiku Abubakar-led government.
Melaye made the statement during an appearance on Democracy Today, an AIT programme, on Monday, while explaining the ADC’s economic agenda ahead of the 2027 general elections.
According to him, the proposed restoration of fuel subsidy is aimed at making Nigeria more affordable by reducing the cost of petroleum products and easing pressure on transportation and the prices of goods and services.
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Melaye said the high cost of petrol has affected several sectors of the economy, including transportation, movement of goods, aviation and other businesses.
“Everything is around this subsidy. Once transportation is affected, movement of goods and commodities is affected,” he said.
He added that aviation fuel was also contributing to increased costs within the aviation sector, describing petroleum products as an important link across different areas of the economy.
Defending the ADC’s position on subsidy, Melaye argued that resources which he alleged were previously lost to corruption could instead be redirected towards Nigerians through the proposed policy.
“What we intend to do is that at the initial, there is no subsidy. What you have is corruption. It’s money being stolen. So, instead of the corruption, we are replacing corruption now by leveraging on the people,” he said.
Asked whether the ADC would restore fuel subsidy, Melaye said the party intended to bring it back fully.
“We are bringing back subsidies 100% because subsidies, there is nothing like subsidies. What we have is corruption,” he said.
Melaye further linked the proposed policy to the price of petrol and other petroleum products.
He said the policy would result in a reduction in the price of Premium Motor Spirit (PMS), diesel, kerosene, aviation fuel and other petroleum products.
“And once there is reduction from 1,400, you start buying fuel at 500 or at 400, definitely it’s going to have a resultant effect on every other facet, including price of goods and commodities,” Melaye said.
He argued that cheaper petrol would reduce transportation costs and contribute to lower prices of goods and commodities.
Melaye also questioned the Federal Government’s borrowing levels, comparing borrowing under former President Muhammadu Buhari, when fuel subsidy was in place, with borrowing under the current administration.
He claimed that Buhari’s administration borrowed ₦87 trillion over eight years with fuel subsidy, while the current administration had borrowed ₦157 trillion without subsidy.
Vice President Kashim Shettima has assured Costa Rican candidate for the position of United Nations Secretary-General, Rebeca Grynspan, that Nigeria will support a candidate based on equity, justice and fairness.
Shettima gave the assurance when he met with Grynspan shortly before returning to Nigeria from New York, United States.
The Vice President said Nigeria’s position would also be guided by the need to promote Africa’s aspirations in global affairs, particularly its quest for representation in key decision-making bodies.
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According to him, Nigeria will support a candidate who believes in multilateralism, conflict prevention and the promotion of peace.
Shettima said he would recommend Grynspan’s candidature based on several factors, including Nigeria’s relationship with Latin America and the importance of gender inclusion.
“Thank you for seeking Nigeria’s perspective for your candidature of the United Nations Secretary-General. Nigeria and Costa Rica share a common historical background connecting both countries and their regions.
“We also have a cordial relationship with Latin America, and we do not wish to jeopardise it. Beyond our historical ties and relations rest our interest in conflict prevention, multilateralism, and the peace of our nations,” the Vice President said.
Shettima also called for reforms to the global governance architecture, noting that the international system has changed significantly since 1945 but has yet to adequately reflect Africa’s growing population and interests.
He stressed the need for greater African representation in key global decision-making institutions.
Earlier, Grynspan, who met with Shettima to seek Nigeria’s support for her candidature, said she was prepared to lead reforms at the United Nations, particularly those being demanded by countries in the Global South.
“Coming from the Global South, I represent the interest and demands of the region. I also have a soft spot for Africa. I know the continent and its aspirations,” she said.
The Costa Rican candidate said her agenda would prioritise peace and pledged to give urgent attention to Africa’s ambition of becoming a permanent member of the United Nations Security Council.
The meeting was held in New York as part of Shettima’s engagements before his return to Nigeria.
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