has committed to pump $3 billion into Nigeria's steel sector and Indorama Corp plans to invest an additional $8 billion to expand its petrochemical facility in the West African country, spokesperson Ajuri Ngelale said in a statement.
Separately, Nigeria approved a $1 billion partnership agreement with the Indian government to help the Defence Industries Corporation of Nigeria attain 40% self-sufficiency in local manufacturing and production of defence equipment in three years, Ngelale said. Tinubu is attending at the invitation of India, which currently holds the rotating presidency of the bloc.
The government of Africa's top oil producer wants to encourage investments rather than rely on borrowing to fund job creation and build badly needed infrastructure such as railways, roads and power plants.