The Indian conglomerate Hinduja Group said it plans to invest in Nigeria’s auto industry following talks with the country’s president in New Delhi ahead of the G20 summit.
(Bloomberg) — Sign up for the India Edition newsletter by Menaka Doshi – an insider’s guide to the emerging economic powerhouse, and the billionaires and businesses behind its rise, delivered weekly.
The Indian conglomerate Hinduja Group said it plans to invest in Nigeria’s auto industry following talks with the country’s president in New Delhi ahead of the G20 summit.
The investment from Hinduja Group, which boasts over $100 billion in assets, comes as the West African nation seeks to woo foreign investors to help stabilize the naira, which has lost more than 40% of its value this year.
Prakash Hinduja, the company’s chairman, said he is ready to sign a memorandum of understanding with the Nigerian government after meeting with President Bola Tinubu. “We are going to make investments into the billions of dollars under your leadership, because we see you are already addressing the systemic problems.”
Ajuri Ngelale, a spokesperson for Tinubu, said via text message that the president has tasked his finance and trade ministers to iron out the details with the company.
“We are here for business,” Tinubu said in New Delhi. “I am here to personally assure our friends and investors that there is no bottleneck that I will not break,” to help them invest in Nigeria.
Nigeria plans to hold an investment roundtable with the Indian business community on Wednesday. Aliko Dangote, Africa’s richest man, and other top bankers and businessmen from Nigeria are expected to attend.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.