FG inks $1bn agreement to boost local manufacturing of defence equipments

…As investors pledge $14billion investments

The Federal Government has reached an agreement of $1billion to boost the manufacturing of defence equipments in Nigeria.

The FG disclosed this yesterday when it provided briefings on the Nigeria-India Presidential Roundtable held in India.

According to the Presidency, “A new $1 Billion agreement has been finalised to bring the Defense Industries Corporation of Nigeria (DICON) to 40 per cent self-sufficiency in local manufacturing and production of defense equipment by 2027.”

The Presidency also revealed that a total of $14billion investments were pledged investors at the Roundtable.

President Bola commended the Indian investors for significant investment pledges saying, “we are ready to give you the best returns for investment possible, there’s nowhere else like our country. Nigeria offers the best returns for investment today, so invest now.”

Among these many new investments, Indorama Petrochemical Limited has pledged a new investment of $8 billion in the expansion of its fertilizer production and petrochemical facility in Eleme, Rivers State.

SkipperSeil Limited’s Founding President, Mr. Jitender Sachdeva, also annonced a $1.6 billion investment to establish twenty 100MW power generation plants across northern Nigeria, aiming to generate 2,000MW of new power within four years.

Bharti Enterprises similarly expressed its commitment to invest an additional $700 Million in Nigeria.

The Founder & Chairman, Bharti Enterprises, Bharti Mittal, said the work is slated to commence immediately.

Jindal Steel and Power Limited also pledged to invest $3 Billion in Nigeria, a commitment made following discussions with President Tinubu at the G-20 Summit in New Delhi, India.