Business Hilights

Tracking Nigeria's Headline Business News Online


Indorama to challenge Dangote in Fertilizer production with $8bn investment?

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Indorama Petrochemical Limited has pledged a new investment of $8 billion U.S. dollars in the expansion of its fertilizer production and petrochemical facility in Eleme, Rivers State.

The question for Indorama will be that if Dangote will rely on by-products from his refinery, where will Indorama get its own? Is it from the endless repairs at the four moribund refineries?

Only time will tell on the success of the Indorama new investment.

Jindal Steel and Pow er Limited, one of India’s largest private steel producers, has committed to investing $3 billion in Nigeria’s iron ore and steel sector

Founding President of SkipperSeil Limited, Mr. Jitender Sachdeva announced that, following President Bola Tinubu’s personal intervention, he is investing $1.6 billion U.S. dollars in the establishment of twenty 100MW power generation plants across the states of Northern Nigeria, amounting to 2,000MW of new power within the next four years.

The President also approved finalization on a new $1 billion U.S. dollar agreement to bring the Defense Industries Corporation of Nigeria (DICON) to 40% self-sufficiency in local manufacturing and production of defense equipment in-country by 2027 through a comprehensive new partnership with the Managing Arm of the Miltary-Industrial Complex of the Indian Government.

Whereas no Airtel management or personnel was not in the entourage, Bharti Enterprises, which is a major first-generation corporation in India with interests in telecom, space communications, digital solutions, insurance, processed foods, real estate, and hospitality, also expressed its commitment to invest an additional $700 million in Nigeria, with work set to begin immediately.

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