Nigeria’s President Bola Tinubu on Wednesday commended Indian investors for significant investment pledges amounting to nearly $14bn U.S. dollars committed during the Nigeria-India Presidential Roundtable and Conference held on the sidelines of the G-20 Summit in New Delhi, India.
“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,” Tinubu told Indian business leaders from the pharmaceutical, power, petrochemical and agricultural sectors.
“Among these new investments, Indorama Petrochemical Limited has pledged a new investment of $8bn in the expansion of its fertiliser production and petrochemical facility in Eleme, Rivers State,” the President’s Special Adviser on Media and Publicity, Ajuri Ngelale, revealed in a statement he signed on Wednesday.
The statement is titled, ‘President Tinubu to Indian investors: do not procrastinate as Nigeria offers the best return on investment; lauds $14bn in new investment pledges at Nigeria-India economic roundtable.’
Also on the list of new investors is Jindal Steel and Power Limited, one of India’s largest private steel producers, which committed to investing $3bn in Nigeria following discussions with President Tinubu.
As an offshoot of the discussions, the founding President of SkipperSeil Limited, Mr. Jitender Sachdeva, announced that he is investing $1.6bn U.S. dollars to establish 20,100MW power generation plants across several states in Northern Nigeria, amounting to 2,000MW of new power within the next four years.
Additionally, President Tinubu approved the finalisation of a new $1bn U.S. dollar agreement to bring the Defense Industries Corporation of Nigeria to 40 per cent self-sufficiency in local manufacturing and production of defence 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, a major first-generation corporation in India with interests in telecom, space communications, digital solutions, insurance, processed foods, real estate and hospitality, has committed to investing an additional $700m in Nigeria, with work set to begin immediately.
The Nigerian leader said on his watch, agreements must now pragmatically manifest in industries and jobs on the ground in Nigeria.
Expressing gratitude to all Indian companies and individuals, who responded positively to his quest to improve Nigeria’s macroeconomic and investment climate, Tinubu advised, “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.”
He told prospective investors that Nigeria has no free lunch or shortcuts. However, 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.”
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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, Mr. Wale Edun, who addressed the roundtable on the theme, ‘Building Partnerships with Renewed Hope for a Diversified and Prosperous Economy’, thanked Mr. Naveen Jindau, Chairman of Jindal Steel and Power Limited, for the new $3bn investment in iron ore processing and steel development in Nigeria.
Commending the Tata group and several others, who have immediately responded to the President’s call, Edun said, “I also wish to thank Mr. Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises, for his continued commitment to invest in the first phase with at least $700m more in Nigeria.”
On behalf of investors, the Chairman of Bharti Enterprises 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 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 for cooperation 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 cooperation in the field of Sharing Successful Ecosystems, which involves interventions relating to education technology to be implemented at the population scale for digital economic transformation.
Nigeria’s Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, signed a third MoU on Infrastructure Development between the Infrastructure Corporation of Nigeria Limited and Invest India, the National Investment Promotion and Facilitation Agency of India.
The agreement, Ngelale said, would help investors looking for investment opportunities and options in India.
Closing the interactive session, Director-General of the Confederation of Indian Industries, Mr. 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.
The Presidential roundtable also had in attendance Governor Dapo Abiodun of Ogun State; Ministers of Foreign Affairs, Yusuf Tuggar; Communications, Innovation and Digital Economy, Dr. Bosun Tijani; Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, alongside industry leaders from both India and Nigeria.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
