"Nigeria seals massive $7 billion investment deal with India"

" Nigeria seals massive $7 billion investment deal with India \r\n\r\n \r\n\r\nThe Federal Government of\u00a0 Nigeria \u00a0has secured $7 billion out of the $14 billion investment deal promised to the country during the\u00a0 G20 Summit \u00a0in India last year.\r\n\r\n \r\n \r\n \r\n \r\n\r\nThis was revealed by Balasubramanian on the occasion of the 75th Day of India in Abuja.\r\n\r\n \r\n \r\n\r\nDuring the Nigeria-India Presidential Roundtable and Conference in New Delhi, India, Nigerian officials secured pledges worth $14 billion from Indian investors and sought an economic cooperation pact with the South Asian nation, presidential spokesperson, Ajuri Ngelale, said in a statement last year.\r\n\r\n \r\n \r\n\r\nSome of the pledges include, Jindal Steel and Power's $3 billion investment in Nigeria's steel sector, and Indorama Corp. petrochemical facility expansion in the country with an additional investment of $8 billion.\r\n\r\n \r\n \r\n What the Indian envoy said: \r\n\r\n \r\n \r\n\r\n \u201cIndia and Nigeria enjoy strong and historical relations. With the ties dating back to before Nigeria\u2019s independence, our bilateral relations have been nurtured by the leadership of both the countries. \r\n\r\n \r\n \r\n\r\n \u201cIndia had invited Nigeria as a guest country during her presidency of G20. We had a memorable visit of H.E. Mr. Bola Tinubu, President of the Federal Republic of Nigeria to the G20 Summit last year in September, that consolidated the ties further. \r\n\r\n \r\n \r\n\r\n \u201cOut of the $14 billion promised during this visit as an investment into the Nigerian economy, $7 billion has already been signed immediately after the visit,\u201d \u00a0he noted.\r\n\r\n \r\n \r\n\r\nThe envoy stressed the robust and expanding economic and trade ties between both nations. Presently, Nigeria hosts almost 150 Indian companies, contributing a substantial investment of $27 billion, primarily in the manufacturing sector. These companies collectively employ a significant workforce, second only to the Federal Government.\r\n\r\n \r\n \r\n\r\nIndia has become Nigeria's primary trading partner in Africa and the leading importer of Nigerian crude oil. Likewise, Nigeria holds the position of India's primary trading partner on the continent.\r\n\r\n \r\n \r\n\r\nOver the past two years, bilateral trade between the two nations has reached $14.95 billion in the formal sector and around $5 billion in the informal sector.\r\n\r\n \r\n \r\n \r\n \r\n \r\n "

"Nigeria seals massive $7 billion investment deal with India"

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