India has estimated US$19.3 billion investment in Nigeria, says High Commissioner

 

Indian High Commissioner in Nigeria, Abhay Thakur has said that India has an estimated US$19.3 billion investment in Nigeria.

He also said at present over 135 Indian companies are operating in Nigeria.

Thakur, who described the relationship between Nigeria and India as warm, friendly and deep- rooted, said. “In the area of business, both countries are moving forward steadily.”

He said to facilitate business exchanges and trade economic cooperation, the High Commission of India actively coordinated, arranged and facilitated 26 trade-related events, meetings, seminars, webinars, among others in recent times.

Thakur said: “Over 135 Indian companies are currently operating in Nigeria, which are owned and/or operated by Indians or are of Indian origin, with estimated cumulative investment of USD 19.3 billion in Nigeria.

“Prominent among them are Bharti Airtel, Tata, Bajaj Auto, TVS, Birla Group, Shapoorji Pallonji, Kirloskar, Mahindra, Ashok Leyland, NIIT, Aptech, State Bank of India, New India Assurance, Skipper Nigeria, Dabur, SUN Pharma, Primus, Manipal Group and many others.”

He said Indian owned or operated companies are the second largest employers in Nigeria after the Federal Government of Nigeria.

He noted that approximately 50,000 Indian nationals and persons of Indian origin are residing in Nigeria, stressing that the High Commission of India is continuously working with India diaspora to address their concerns.

He said in the last two years, a number of soft lines of credit have been offered by Government of India to Nigeria.

He disclosed that this total US$395.4 million, which is still being pursued.

He said: “We hope these projects would be finalized and implemented in a timely manner.”

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