Finance: India to invest $4b in Nigeria

India is to invest some $4 billion in the Nigerian economy, Minister of Communications, Adebayo Shittu said on momday.

Briefing journalists on the planned, Indo-Africa Information, Communication, Technology (ICT), Expo 2018, Shittu said the two-day expo would help Nigeria’s start-ups, entrepreneurs and businesses to form partnerships with their foreign counterparts.

The event, the 4th in the series would organized by both the government of India and Nigeria in Lagos, on between May 22 and 23, 2018, According to Shittu, “Last year the Indian government made a commitment to invest $4 billion into Nigeria economy. This expo is very important to Nigeria because the two day national and international forum falls under my ministry purview.

“Nigeria being the fastest growing ICT market and with a young population that have capacity and innovative mind, we stand to partner and learn from India. The Federal Government’s campaign to encourage the patronage of locally produced goods and services is on course.

“The Federal Government has also put the spotlight on local manufacturers when, via three strategic Executive Orders, it compelled all government parastatals to channel at least 40% of procurement to locally made services. These executive orders, signed were to promote patronage of local products, transparency and ease of doing business in Nigeria’.

The minister assured potential Indian investors that there are many untapped resources and potential markets in Nigeria, “There are immense opportunities for small businesses and small cooperation to pitch and partner with Indian corporations in order to expand their businesses.

“It might interest you to know that Nigeria is among the fastest growing markets in Africa and by extension the world, improving macroeconomic indicators, conducive business environment, larger, younger and more affluent population, rising middle class-all are among indicators of not only of capital but also of job creation and skills development’’.

Nagabhushana Reddy, India High Commissioner to Nigeria said the choice of Lagos for the event is in recognition of the vast potential that exists in Nigeria, and also of its importance as a gateway to the West Africa and other parts of Africa.

He said the Indo-Africa ICT Expo 2018 will be a platform for convergence of technology and business exchange.

“The business should bring together over 300 companies/delegates from India and Africa for the conference and attract 3,000 visitors for the exhibition. This mega event encapsulates strategies and learning that transcend the two most important present day industries having potentials of unlocking huge demand of ICT services across multi[ple domains. It is the place to network, meet and shape thefuture’’.

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