Indian Firms Have Invested $19bn In Nigeria’s Economy, Says Envoy

Indian Firms Put $19bn In Nigeria's Economy, Says Envoy

Indian firms in the last forty years have invested no less than $19 billion into Nigeria’s economy. This is according to Shri Balasubramanian, the Indian High Commissioner to the West African country.

Balasubramania made this disclosure during a courtesy visit, where he expressed his thrill at the India-Nigeria mutual bilateral relations.

While maintaining that there are strong diplomatic relations between Nigeria and India, the high commissioner said the two countries have enjoyed a healthy relationship, and his visit was geared towards consolidating these ties and deepening news and cultural programme exchanges between both countries.

“There are over 135 Indian firms, which have invested about $19bn in Nigeria over a period of years, not in one year, but for the past four decades.

“Most of them are in Lagos. They are in every part of Nigeria and are in the manufacturing sector of the economy, steel, oil and gas, or pharmaceuticals.

“$3 billion dollars of that is in pharmaceuticals manufactured in Nigeria by Indian companies. There is a strong relationship we have in pharmaceuticals and other business activities,” he stated.

Balasubramanian said that Nigeria’s invitation as a guest participant to the G20 Summit scheduled for 2023 in India would form a unique opportunity to showcase the priority of developing countries to the world, adding that the importance of the relations between the two countries was well known in India, hence Nigeria’s invitation to the summit from September 9-10 in New Delhi.

Leave a Reply