India and Nigeria recently sealed an economic and defense deal to help the Defence Industries Corporation of Nigeria (DICN) attain 40% self-sufficiency in local manufacturing and production of defence equipment in three years.Apart from this India will also invest in Nigerias economic sector which will help boost the economy of the west-African nation. India has pledged a whopping $14 billion investment in Nigeria in the coming years.More details on India-Nigeria dealWeapons worth $1 billion will be provided to Nigeria as per the defence deal. Indias Jindal Steel and Power (JNSP.NS) has committed to pump $3 billion into Nigerias 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.On top of that founding chairman of Skipperseil Ltds, Jitender Sachdeva as well as Indias Bharti Enterprises each pledged $1.6 billion over four years to build power generation plants and $700 million in Nigeria, respectively, Ngelale added.Nigeria also approved a separate $1 billion partnership agreement with India to help Nigerian defence industries attain 40% self-sufficiency in local production of defence by 2027.President Bola Tinubu, who is currently in New Delhi for the G20 Summit was the first to reach the capital city on Wednesday, September 6.Nigeria currently is not able to produce any significant weaponry due to mismanagement and lack of cash. This deal will help provide funds and expertise to refurbish itself.This deal highlights the growing strategic partnership between India and China at a time when China has been in relation with many African countries by making huge investments to build massive inroads.
