President Bola Tinubu’s foreign investment drive is yielding the desired result as India said it has signed $7billion investment for Nigeria.

This is from the promised $14 billion investment reached with Nigeria at the last G20 Summit. 

President Tinubu was at G20 September 2023 Summit hosted by India where the Indian Government promised the investment.

Indian High Commissioner to Nigeria, Mr. Gangadharan Balasubramanian, disclosed the signing on Friday night at his country’s 75th Republic Day celebrations.

The envoy also informed not less than 150 Indian companies are operating in Nigeria. 

He said the companies have a combined investment of $27 billion. 

He stressed that India and Nigeria enjoy a historical relations. 

According to him: “India and Nigeria enjoy strong and historical relations.  With the ties dating back to before Nigeria’s independence, our bilateral relations have been nurtured by the leadership of both the countries.  

“Our economic and trade relations are strong and growing. Currently nearly 150 Indian companies with an investment of USD 27 billion are in Nigeria, mainly in the manufacturing sector and employ the largest number of people after the Federal Government.  

“Owing to the special relationship, India had invited Nigeria as a Guest Country during her presidency of G20.  We had a memorable visit of H.E. Mr. Bola Ahmed Tinubu, President of the Federal Republic of Nigeria to the G20 Summit last year in September, that consolidated the ties further. 

“Out of the 14 billion promised during this visit as investment into Nigerian economy, 7 billion has already been signed immediately after the visit. 

“Earlier this week, we had a successful visit of our External Affairs Minister Dr. S. Jaishankar for the Joint Commission meeting.  

“He had interactions with the leadership and business community in Nigeria and the Indian Diaspora.  

“We stand shoulder to shoulder with our Nigerian friends in our joint journey towards development and would like to convey the commitment of the Government of India in further strengthening our ties.”

Minister of Foreign Affairs, Ambassador Yusuf Tuggar, said the trade volume between both countries was in the region of $20 billion in the last two years. 

According to him, the trade volume consist of  $14.95 billion in the formal sector and about  $5 billion in the informal sector.