Nigeria, India Sign $1b Pact For Local Defence Production

Nigeria’s President, Bola Tinubu has approved a $1 billion agreement with India to boost the local manufacturing and production of Defence Industries Corporation of Nigeria DICON.

The agreement aims to make DICON 40% self-sufficient in local manufacturing by 2027.

The President approved during an interactive session with investors in India on the sidelines of the G20 summit.

Advancing his mission to attract investors to Nigeria, President Tinubu emphasized that under his pragmatic leadership, agreements must now manifest in industries and jobs on the ground in Nigeria.

“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.

The Nigerian Leader 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.

President Tinubu informed prospective investors that there are existing good economic policies in Nigeria as well as adequate human resources that 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 investors from the rest of the world,” the President added, reiterating that Nigeria is open for business with intelligent, innovative, capable, and highly committed individuals in government, who are ready to drive the largest economy in Africa to destiny.”

The President further expressed his satisfaction with the Nigerian stock market saying that he is “he is proud” that the Nigerian stock market had broken records in its consistent bullishness since he assumed office.

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, who addressed the roundtable themed, “Building Partnerships with Renewed Hope for a Diversified and Prosperous Economy,” lauded Mr Naveen Jindau, Chairman of Jindal Steel and Power Limited, for the $3 billion investment in iron ore processing and steel development in Nigeria.

Commending the Tata group and others who have immediately responded to Mr President’s moves to attract investment into Nigeria, the Finance Minister appreciated the participants at the summit, “I also wish to thank Mr Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises, for his continued commitment to invest in the first phase at least 700 million dollars more in Nigeria.“

Minister Edun further used the opportunity to explain the underlying principles of President Tinubu’s eight-point strategy, emphasizing that his agenda aims to promote growth and job creation, poverty reduction, food security, improved access to capital, inclusivity, business and citizen security, and fair play on a foundation of rule of law and anti-corruption.

On behalf of investors, the Chairman of Bharti Enterprises, Mr Sunil Bharti Mittal lauded the Nigerian leader for releasing what he described as crucial capital to upgrade Nigeria’s public infrastructure.

“You have unified the FX market. You have freed up crucial capital to upgrade your public infrastructure. Now, you have just dropped your prepared remarks and have spoken from your heart. Our investors have heard from a leader who is doing everything possible to attract capital to Nigeria for the benefit of Nigerians and our companies. Mr. President, we will bring these investments to Nigeria, and with your inspiring leadership style, we can only do more and more.”