- Seals $1b deal for DICON’s 40% self-sufficiency in local manufacturing
Francis Kadiri, Abuja.
In five deals, the Federal Government has received investment assurances in excess of $14b Dollars at this year’s G-20 Summit in New Delhi, India, where President Bola Tinubu is leading goal-wining discussions to attract FDI to the steel and power sectors of the Nigerian economy.
According to a statement from the Ministry of Mines and Steel Development, the Federal Government finalized a one billion Dollar deal with the Managing Arm of the Miltary-Industrial Complex of the Indian Government. The proposed investment is expected to bring the Defense Industries Corporation of Nigeria (DICON) to 40% self-sufficiency in local manufacturing and production of defense equipment in-country by 2027.
In a related development, another Indian firm, Bharti Enterprises, which is a major first-generation corporation in India with interests in telecom, space communications, digital solutions, insurance, processed foods, real estate, and hospitality, expressed its commitment to invest an additional $700 million in Nigeria, with work set to begin immediately.
In the same vein, Indorama Petrochemical of India pledged a new investment of $8 billion U.S. Dollars in the expansion of its fertilizer production and petrochemical facility in Eleme, Rivers State, while Jindal Steel and Power Limited, one of India’s largest private steel producers, committed to investing $3 billion in iron ore processing and steel development in Nigeria.
Founding President of SkipperSeil Limited, Mr. Jitender Sachdeva announced that, following President Tinubu’s personal intervention, his organization would invest $1.6 billion U.S. Dollars to establish twenty 100MW power generation plants across the states of Northern Nigeria, amounting to 2,000MW of new power within the next four years.
These commitments are the results of President Tinubu’s discussions on the sidelines of the G-20 Summit in New Delhi, India, a statement from the ministry of mines and steel development said, on Thursday.
