Nigeria President Bola Tinubu has joined other global leaders including US President Joe Biden, UK Prime Minister Rishi Sunak and France President Emmanuel Macron
at the venue of the G20 summit which is scheduled to hold Saturday and Sunday.
Tinubu was warmly received by India’s Prime Minister Narendra Modi.
Tinubu, who left Nigeria for India 5 days before the summit began, has used his time to meet with the Nigerian community in India, as well as attract investment pledges of about $14 billion.
Meanwhile, in a historic moment, the African Union (AU) has formally joined the Group of 20 top global economies, Modi announced at the summit.
“I invite the representative of the African Union to take his place as a permanent member of the G20,” Modi said, before banging his gavel three times to applause in the room.
Modi then shook hands with Comoros President Azali Assoumani, the AU chair, gave him a warm hug and invited him to sit at the table.
The G20 is an elite group of the world’s most powerful and significant economies.
Its members represent 85 percent of global GDP, 75 percent of international trade and two-thirds of the world’s population.
Speaking earlier with Nigerians resident in India, Tinubu revealed that he ran for the highest office in the country because, despite the great human and natural resource wealth of the nation, the leadership and public sector management deficit in the country held Nigeria back from manifesting its destiny.
He said “We are not poor in knowledge. We are not poor in human resources. We are only poor in management and leadership, and that is why I ran for president, to help all of us mould the soul of our country in the right direction.”
He toited the importancd of education, saying: “Good education brought me here and I am happy to stand before you here as the President of Nigeria. I started small. I was a security guard. I was a tutor in school. I was a brilliant student. I joined Deloitte and was trained by one of the biggest accounting firms in the world, because of my education.
“When I joined them, I asked them, do you have branches in Nigeria and they said, ‘we have a lot of clients that will take you, if you want to go home.’ That’s how I got to Exxon Mobil and was a very successful accountant, auditor-general, and treasurer, until I joined politics with a can-do attitude.
“You can also do it; do not be despondent in any way. Nigeria is ready to accommodate all. It does not matter which part of Nigeria you are from,” the President further said.
He emphasised that Nigeria’s diversity must be leveraged to drive economic growth, innovation, and social progress.
The President said: “We are here to present a new future to you. A future of a country that is so rich, endowed, and highly populated. Very dynamic, unique in its culture, tradition, and ethnicity. That is what will make our prosperity possible, if only we can make use of our diversity for prosperity”.
Tinubu also secured $14 billion investment pledges from Indian businessmen.
The investment pledges formed the bedrock of the Nigeria-India Presidential Roundtable and Conference held in New Delhi, the Indian capital, on the second day of Tinubu’s visit to the Asian nation.
According to a statement issued by presidential spokesperson, Ajuri Ngelale, the list of the new investments includes Indorama Petrochemical Limited, which pledged a new investment of $8 billion in the expansion of its fertilizer production and petrochemical facility in Eleme, Rivers State.
Jindal Steel and Power Limited, one of India’s largest private steel producers also committed to investing $3 billion in Nigeria, following discussions with Tinubu.
Similarly, the founding President of SkipperSeil Limited, Mr. Jitender Sachdeva, announced that following Tinubu’s personal intervention, he would be investing $1.6 billion in the establishment of 20 100MW power generation plants across the states of northern Nigeria, amounting to 2,000MW of new power within the next four years.
Additionally, Tinubu approved finalisation on a new $1 billion agreement to bring the Defense Industries Corporation of Nigeria (DICON) to 40 per cent self-sufficiency in local manufacturing and production of defense equipment in-country by 2027, through a comprehensive new partnership with the Managing Arm of the Military-Industrial Complex of the Indian Government.
Another Indian firm, Bharti Enterprises, which is a major first-generation corporation in India, with interests in telecoms, 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.
According to the statement, Tinubu in the course of the Nigeria-India Presidential Roundtable commended Indian investors for the significant investment pledges amounting to nearly $14 billion, saying, “we are ready to give you the best returns for investment possible, there’s nowhere else like our country. Nigeria offers the best returns for investment today, so invest now.”
Emphasising that under his pragmatic leadership, agreements must now manifest in industries and jobs on the ground in Nigeria, Tinubu expressed gratitude to all Indian companies and individuals who have responded positively to his administration’s efforts to improve Nigeria’s macroeconomic and investment climate.
“Do not procrastinate. Don’t be frightened about investments in Nigeria. Bring it on. Ask your questions and make your requests. The trade and investment opportunities are enormous.
“I have a team, and I am the captain of that team, and I assure you that we solve problems,” the president affirmed.
Prospective investors were informed by Tinubu, that in Nigeria, there was no free lunch or shortcuts, but that he has, “good economic policy for the investors as well as able men and women in leadership and on the ground, who can drive the goal of broad prosperity through investment and infrastructure.
“I will captain and lead the course of investment, development, and prosperity for the largest democracy in Africa and for investors from the rest of the world,” the president added.
Chioma Kalu
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