The Nigerian Government has secured $7 billion out of the $14 billion investment deal promised to the country during the 2003 G20 Summit in India .
It would be recalled that Nigeria secured pledges worth $14 billion investment deal during the G20 Summit in India last year.
It has now been stated that $7 billion out of the $14 billion promised has been signed.
The Indian ambassador to Nigeria, Balasubramanian made this known on the occasion of the 75th Day of India in Abuja.
The Federal Government officials had during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India, secured pledges worth $14 billion from Indian investors.
Presidential spokesman, Ajuri Ngelale, had in a statement last year said the Nigerian Government sought an economic cooperation pact with the South Asian nation.
Jindal Steel and Power’s $3 billion investment in Nigeria’s steel sector, and Indorama Corp. petrochemical facility expansion in the country with an additional investment of $8 billion are some of the pledges made.
The Indian envoy had said:
“India and Nigeria enjoy strong and historical relations. With the ties dating back to before Nigeria’s independence, our bilateral relations have been nurtured by the leadership of both the countries.
“India had invited Nigeria as a guest country during her presidency of G20. We had a memorable visit of H.E. Mr. Bola Tinubu, President of the Federal Republic of Nigeria to the G20 Summit last year in September, that consolidated the ties further.
“Out of the $14 billion promised during this visit as an investment into the Nigerian economy, $7 billion has already been signed ..”
