Balasubramanian made this revelation in Abuja on the celebration of the 75th Day of India.

 

Presidential spokesperson Ajuri Ngelale stated in a statement last year that Nigerian officials negotiated an economic cooperation agreement with the South Asian country and obtained $14 billion in pledges from Indian investors during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India.

 

Among the commitments are the $3 billion investment by Jindal Steel and Power in Nigeria's steel industry and the $8 billion further investment by Indorama Corp. to expand its petrochemical facilities there.

 

The envoy from India stated that:

 

Nigeria and India have a long history of close ties. Our bilateral relations, which predate Nigeria's independence, have been fostered by the leadership of both nations.

Nigeria was invited by India as a guest nation while she presided over the G20. Last September, during the G20 Summit, we had a remarkable visit from H.E. Mr. Bola Tinubu, the President of the Federal Republic of Nigeria, which strengthened our ties even further.

"Immediately following the visit, seven billion of the fourteen billion promised as an investment into the Nigerian economy have already been signed," he said.

 

The ambassador emphasized the strong and growing trade and economic relations between the two countries. Nearly 150 Indian firms currently operate in Nigeria, with a large $27 billion investment, mostly in the manufacturing sector. The Federal Government is the employer with the most workers among these companies combined.

 

India is now the main buyer of Nigerian crude oil and Nigeria's main trading partner in Africa. Nigeria is also the principal trading partner of India on the continent.

 

The two countries' bilateral commerce has reached $14.95 billion in the formal sector and almost $5 billion in the unofficial sector over the last two years.