Nigeria inks mega infrastructure deal with India

In a watershed moment of international collaboration, Nigeria, the bustling epicentre of Africa, has inked a monumental multi-billion-dollar agreement with the prestigious Indian investment agency, Invest India. This transformative accord is set to invigorate Nigeria’s infrastructure landscape, encompassing vital sectors such as power, rail systems, warehousing, and ports.

The revelation of this strategic partnership was disclosed by Lazarus Angbazo, the astute CEO of Infrastructure Corporation of Nigeria Limited (InfraCorp), a government-backed entity dedicated to propelling Nigeria’s infrastructure ambitions. Angbazo unveiled this ambitious venture during an interview with in India.

This groundbreaking alliance, solidified on September 6, holds the promise of being a linchpin in Nigeria’s fervent pursuit of industrialising its agriculture and manufacturing sectors, with the ultimate aim of diminishing its reliance on imports.

Angbazo, in articulating the significance of this collaboration, stated that the firm is looking at increasing the productivity of the agricultural sector by industrialising it.

This accord emerges as the latest in a series of consequential engagements between these two nations. Nigeria, home to a population exceeding 200 million, confronts the formidable challenge of bridging its infrastructure deficit and igniting economic growth. As Angbazo aptly highlighted, the country requires a staggering sum of at least $3 trillion over a span of 30 years to address this monumental task.

Delving further into the financial intricacies, Angbazo refrained from divulging specific figures but underscored the partnership’s resolute objective of expanding Nigeria’s ports, a crucial manoeuvre to augment its container processing capacity. “For a country of our size, we should have a container processing capacity of about 50 million containers. We’re doing four, so you can see the gap,” he emphasised.

Key Takeaways:
InfraCorp stands as a government-backed infrastructure investment vehicle, a joint endeavour between the Central Bank of Nigeria, Africa Finance Corporation (AFC), and Nigeria Sovereign Investment Authority.

Transport and logistics are at the forefront of InfraCorp’s mission, with an initial potential investment potential reaching N163 billion ($212 million).

In a notable diplomatic triumph, Nigeria secured substantial investments, amounting to nearly $14 billion, during President Bola Ahmed Tinubu’s recent visit to India. The Nigeria-India Presidential Roundtable and Conference in New Delhi bore witness to this windfall of commitments.

Indorama Petrochemical Limited, a prominent player in the industry, pledged a remarkable $8 billion for the expansion of its fertiliser production and petrochemical facility in Eleme, Rivers State.

Furthermore, Jindal Steel and Power Limited, a distinguished private steel producer in India, pledged a substantial $3 billion investment in Nigeria, following fruitful discussions with President Tinubu.

As Nigeria forges ahead with its visionary infrastructure agenda, these partnerships with India underscore the nation’s commitment to ushering in an era of prosperity and development, fuelled by robust investments and unwavering determination.