(5 minutes read)
The visiting dignitary reported having invited large-scale Indian investments in his country in diverse fields including hydrocarbon, manufacturing, agriculture, infrastructure, social sectors like healthcare and education, and the digital economy.
The visiting dignitary reported having invited large-scale Indian investments in his country in diverse fields including hydrocarbon, manufacturing, agriculture, infrastructure, social sectors like healthcare and education, and the digital economy. India and Nigeria have resolved to strengthen and diversify their economic engagements in multiple sectors, leveraging factors like incremental reforms that are being undertaken by both countries.
This seems to be the upshot of the discussions that Nigerian President Bola Ahmed Tinubu had with top Indian industrialists today in New Delhi at a closed-door meeting organized by the Confederation of Indian Industry (CII), Nigeria India Business Council (NIBC), and Nigeria High Commission.
The event titled Nigeria India Presidential Roundtable was participated by several top businessmen from both countries including Sunil Bharati Mittal, Founder Chairman of Bharati Enterprises which promotes Airtel, the telephone behemoth, that has operations in over 14 countries in Africa, Choef Dele Oye, President Nigeria Association of Chambers of Industry, Mines, and Agriculture, CII President R Dinesh, Chairman, TVS Supply Chain Solutions Ltd, Abdulsamad Rabiu, Chairman, BUA Group, Nigeria, Tony Elumelu, The Tony Elumelu Foundation, Nigeria and Dr. Fidelis Ayebae , Chairman, Pharmaceutical Manufacture Association, Nigeria
The high-level delegation which included some of the business honchos also included important ministers from Nigeria including Dr Bosun Tijani, Minister of Communication and Digital Economy, Dr Doris Anite, Minister of Industry, Trade, and Investment, and Ambassador Yusuf Maitama Tuggar, Minister of Foreign Affairs,
Initial deliberations of the meeting where the Nigerian President addressed were not opened to the press. www.trendsnafrica .com correspondents talked to a few delegates, who were present at the meeting and pieced together broad highlights of his address.
The visiting dignitary reported having invited large-scale Indian investments in his country in diverse fields including hydrocarbon, manufacturing, agriculture, infrastructure, social sectors like healthcare and education, and the digital economy. He hailed the contributions of the Indian Diaspora in Nigeria, who contributed heavily to the industrial growth of the country while growing big in their own fields availing benefits from the pro-industry policy followed by the Nigerian Government. He also laid emphasis on the various green programs being undertaken by the government both federal and state governments to address climate change including heavy focus on clean energy.
Read Also:
Lacing the massive reform programs undertaken by his government in recent times, President Tinubu reported having said they would be taken to their logical end. The withdrawal of the fuel subsidy, in the medium and long run would immensely help the Nigerian economy to fight inflation, stabilize its currency, and rein in its fiscal deficit. He assured the Indian business community that Nigeria would continue with its reform policy to channel more investments both from within and outside. He also mentioned the incremental build-up in the refining capacity of the petroleum sector, which can reduce imports, thereby stabilizing the Naira, its currency.
Read Also:
https://trendsnafrica.com/google-to-create-1-million-digital-jobs-in-nigeria/
The business sessions, which had two-panel discussions, were mostly focused on sharing of experience between the two sides and highlighting sectoral reforms that are being undertaken by the government. The Nigerian ministers who addressed the roundtable stressed the investment opportunities in sectors like hydrocarbon, digital economy, agriculture, and infrastructure including ports, food processing, and manufacturing. They also referred to the business risks involved are minimal like in any other emerging economy. Rule of law, adherence to contractual obligations, strong judicial infrastructure, etc. they pointed out as strong points of the Nigerian economy. Besides these, India and Nigeria being a part of the commonwealth, have a strong legacy of the English language, which can work towards strengthening economic cooperation.
Read Also:
https://trendsnafrica.com/nigeria-gets-us3-billion-crude-oil-repayment-loan-from-afreximbank/
Over 1,000 Indian businessmen of various hues and sizes have operations in Nigeria, which is set to grow in the coming years as more and more Indian industrialists are preparing to invest in Nigeria, billed as a gateway to Africa, particularly Western Africa. Importantly, a number of MoUs were signed at the closed-door meeting in the presence of the visiting President Tinubu and during the roundtable. Tinubu is in India at the invitation of Indian Prime Minister Narendra Modi to attend the G-20 meeting which India is hosting as its chairman in the coming days.
