By SUNDAY ABBA, Abuja
Indian investors have made commitment to invest US$3 billion in the steel subsector of the Nigerian economy.
This is sequel to President Bola Ahmed Tinubu’s recent official visit to India where he attended the G20 Summit and canvassed for investments to unlock the rich potentials of the Nigerian economy while meeting India-Nigeria business communities on the sidelines.
Jindal Steel and Power Limited, one of India’s foremost private steel producers, made this momentous commitment to invest $3 billion in iron ore processing and steel development in Nigeria.
The announcement came after extensive discussions between President Tinubu and the leadership of Jindal Steel and Power Limited on the sidelines of the G-20 Summit in New Delhi, India.
The Minister of Steel Development, Prince Shuaibu Abubakar Audu, who expressed delight at the development, commended Mr President for the effort, describing it as exceptional.
A statement issued Thursday by the Minister’s SA, Media and Publicity, Abdullahi O. Haruna, said the move “is a game-changer that promises to revitalise and transform the nation’s steel industry.”
Other critical sectors of the economy – Power, Agriculture, Defence, Telecommunication, are also to enjoy investment to the tune of over US$11 billion.
In the area of Power, the founding President of SkipperSeil Limited, Mr Jitender Sachdeva announced he will be investing US$1.6 billion in the establishment of twenty 100MW power generation plants across the states of Northern Nigeria, amounting to 2,000MW of new power within the next four years.
And defencewise, finalization on a new US$1 billion agreement to bring the Defence Industries Corporation of Nigeria, DICON, to 40% self-sufficiency in local manufacturing and production of defence equipment in-country by 2027 through a comprehensive new partnership with the management arm of the Miltary-Industrial Complex of the Indian government.