Nigeria has attracted $14 billion in investments from India across multiple sectors, according to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar. Speaking on the ministry’s achievements, Tuggar also announced that Nigerian businesses have secured an additional €250 million in funding from the Netherlands.
Tuggar revealed that the Ministry of Foreign Affairs has played a pivotal role in securing these investments and strengthening Nigeria’s economic partnerships. He highlighted that the $14 billion from India covers diverse sectors, including ICT, agriculture, power, steel, manufacturing, defense, telecom, digital solutions, insurance, processed foods, real estate, and hospitality.
“The €250 million investment from the Netherlands will boost existing businesses in Nigeria, creating further opportunities for economic growth,” Tuggar said. He also mentioned a $2 billion partnership with Germany on the Nigeria-Siemens Power Project, which aims to improve electricity supply and infrastructure.
The minister announced that the Ministry facilitated the recovery of $52.8 million in stolen assets from the United States, with the funds earmarked for national development projects through a World Bank grant, benefiting over six million households through rural electrification.
In a strategic move to enhance Nigeria’s position in the global economy, Tuggar disclosed that the Ministry signed Memoranda of Understanding (MoUs) with ten countries, including Germany, Saudi Arabia, China, Equatorial Guinea, France, Cuba, Qatar, the UK, India, and Brazil. Notably, a pact with Saudi Arabia is expected to give Nigeria access to the $7.7 trillion global halal market.
Tuggar also highlighted British International Investment’s (BII) increased commitment from $230 million to $1 billion to support infrastructure, energy, and technology in Nigeria. He noted that the $1.1 billion Green Imperative Project, aimed at boosting agricultural productivity, was finalized under his leadership.
Other key achievements include:
- Health and Sanitation: USAID’s $50 million “Water for the World” initiative to improve access to clean water in rural Nigeria.
- Digital Economy: A £100 million financing agreement with the UK for the Digital and Creative Enterprises Program (I-DICE) to support innovation and entrepreneurship.
- Diaspora Engagement: The Ministry launched a Nigerians in Diaspora Database, now with over 11,000 registrations, to strengthen diaspora relations and inform policy.
- Citizen Protection: The Ministry facilitated the release of Nigerian nationals wrongfully detained abroad, including in the UAE and Saudi Arabia.
- Humanitarian Support: Nigeria helped negotiate the relocation of infants from Gaza to Jordan, the UAE, and Egypt for medical care.
Tuggar addressed concerns over the delayed appointment of ambassadors, assuring that diplomatic operations remain unaffected, with mission officers managing Nigerian embassies effectively.
“The Ministry of Foreign Affairs has strategically advanced Nigeria’s economic and security interests through diplomatic and economic partnerships,” Tuggar stated. “Looking ahead, we will continue to prioritize national security, economic growth, and global engagement.”
