Nigeria and India Cement Economic Ties with $7 Billion Investment Deal

Nigeria has secured a substantial investment deal worth $7 billion from India. This investment forms part of a larger $14 billion commitment made by India during the G20 Summit held in New Delhi, under the leadership of Prime Minister Narendra Modi. President Bola Ahmed Tinubu of Nigeria played a pivotal role in finalizing this agreement, representing the nation at the summit.

Gangadharan Balasubramanian, the Indian High Commissioner to Nigeria, announced the finalization of this deal, marking a momentous occasion in the longstanding diplomatic relations between India and Nigeria, which date back to Nigeria’s independence in 1960. This investment significantly boosts India’s economic footprint in Nigeria, with the total Indian investment in the country now exceeding $27 billion. Approximately 150 Indian companies operate in Nigeria, primarily in the manufacturing sector, making them one of the largest employers in the country after the Federal Government.

The High Commissioner emphasized the strong and growing economic and trade relations between the two nations, underscoring India’s commitment to further strengthening these ties. He highlighted the importance of President Tinubu’s visit during the G20 Summit in cementing the bilateral relationship. The Indian government’s assurance of continued support in Nigeria’s developmental journey reflects the depth of this bilateral partnership.