India’s Investment in Nigeria Hits $10bn – Envoy

Indian High Commissioner to Nigeria, B.N Reddy, has said the investments of Indian companies in Nigerian economy stands at $10 billion.
The envoy, who disclosed this yesterday in Abuja at the flag hoisting ceremony held to mark the 71st Anniversary of India’s Independence, said over 135 Indian companies operated in Nigeria.

Nigeria, he said, remained India’s strategic partner both in Africa and globally, noting that the Asian country was working to transform its economic cooperation with Nigeria from trading to investment.
“We want to bring about a transformation in our engagement. Nigeria is the fourth largest supplier of crude oil to India and the second largest in gas supply last year. This alone cannot define our relationship. So we are looking at many Indian companies coming to Nigeria and not to look at only the buyers and sellers’ arrangement, but to do more in investment.

“I am happy to tell you that as at today, Indian companies have invested about $10bn and there are about 135 Indian companies spread all over Nigeria,” the envoy said.
Indian investments, according to him, were in the field of pharmaceuticals, electrical manufacturing and assembly lines for automobiles; particularly agricultural machinery.

He said the volume of Nigeria-India bilateral trade reached $12bn in the last financial year-April 2017 to March 2018, saying it was an increase of 26 per cent from the previous year.
Reddy reiterated that his government would continue encouraging more Indian companies to invest in Nigeria.

“Our efforts will be building investments with a view to creating employment and bringing along the growth of the industry,” he said.
He also highlighted the 10 guiding principles of India’s engagement with Africa which was recently unveiled by Prime Minister, Narendra Modi.

He said India, over the years, achieved a lot and was ready to share its experience to help develop African countries through investment, technology and capacity building.

“The whole emphasis on this is how India can work with friendly African countries; which means looking to a commitment to bringing more investment and technologies and at the same time being guided by the aspirations and the needs of the African countries rather than anything else and there will be no strings attached to the whole process,” he said.

He said about 500 Nigerians benefitted from India-sponsored capacity building training in 2017. India has been offering concessional loans to many African countries amounting to $11bn, and there is a renewed commitment to offering another $10bn, he added.

Source: DailyTrust