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.”
Related News
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.
NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.
Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.
“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”
Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.
Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.
Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.
Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.
In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.
The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.
And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
