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Home >> Business
UPDATED: 08:18, May 22, 2006
India to invest US$6 billion in Nigeria
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India has agreed to invest six billion U.S. dollars in power plants and other projects in Nigeria, Indian Deputy High Commissioner to Nigeria Anil Trigunayat said at the weekend.

"An agreement to that effect has been reached after an Indian delegation met with President Olusegun Obasanjo recently," he said.

Already, he added, Obasanjo had constituted a committee headed by Minister of Power and Steel Lyiel Imoke to workout the modality for such projects.

Describing Nigeria as one of India's strategic partners, the Indian diplomat said as the most populous countries in Africa and Asia respectively, both Nigeria and India had a lot to learn and gain from each other.

Trigunayat expressed India's desire to collaborate with Nigeria for the benefit of both countries, saying that India was also interested in engaging in joint venture projects with Nigeria in the oil and gas sector.

"We are also interested in investing in the development of infrastructure, but any such projects would have to be identified first by the Nigerian government," he said.

The deputy high commissioner also said some Indian companies had indicated interest in investing in upgrading the existing power plants in Nigeria as well as in building new ones that would use coal.

He also disclosed that India was now working on providing the Economic Community of West African States (ECOWAS) with 250 million dollars for the execution of some projects.

However, he did not name the projects, but said the decision was taken after an ECOWAS delegation visited India.

Source: Xinhua

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