Indorama Corp., Singapore, is looking to invest $5-$7 billion in a methanol and urea project in Nigeria, the country’s Minister for Industry Trade and Investment Doris Uzoka-Anite told reporters in New Delhi, according to Bloomberg. The company has already invested about $5 billion in the country.
The minister spoke to reporters after Nigerian President Bola Tinubu held a meeting with Indian business leaders. She also announced that Indian steelmaker Jindal Steel and Power Ltd. is seeking to invest $5 billion to set up a steel plant in Nigeria.
Other possible investments were also announced. Skipper Seil Ltd. is looking to invest $1.6 billion in 100mw power generation plants in the nation’s northern states, while Nigeria and Military-Industrial Complex of India will partner to make Defense Industries Corp. of Nigeria 40% self-sufficient in local manufacturing and production of defense equipment by 2027.