Nigeria-India: Billions for Infrastructure, Agri Improvements

Nigeria and the Indian investment outfit Invest India have signed a multibillion dollar agreement to support infrastructure projects in the areas of power, rail systems, storage, and ports.

The strategic alliance seeks to industrialise Nigeria’s manufacturing and agricultural sectors, which together make up 40% of the nation’s GDP. The pact is one of several agreements between Nigeria and India aimed at filling a gap in infrastructure and promoting economic expansion.

To accomplish this, Nigeria will require at least $3 trillion over a 30-year period. The cooperation aims to increase container processing capacity in Nigeria’s ports, which is important for a country the size of Nigeria.

Transport and logistics are the primary areas of interest for InfraCorp, a government-backed infrastructure investment organisation with an initial investment potential of up to N163 billion ($212 million).

Nigeria received large investments totaling about $14 billion during President Bola Ahmed Tinubu’s visit to India. For the expansion of its petrochemical and fertiliser production facilities in Eleme, Rivers State, Indorama Petrochemical Limited committed $8 billion.