The Hinduja Group has announced plans to invest in Nigeria’s auto industry, following discussions with the Nigerian president. This comes as Nigeria seeks foreign investment to stabilise its depreciating currency.
What Happened: The investment from the Indian conglomerate, having assets worth more than $100 billion (₹8.3 lakh crore), is a response to the devaluation of the Nigerian naira, which has lost more than 40% of its value this year, Bloomberg reported.
Prakash Hinduja, the chairman of Hinduja Group, expressed readiness to sign a memorandum of understanding with the Nigerian government after meeting with President Bola Tinubu. The chairman said the Indian firm was willing to invest “into the billions of dollars” under Tinubu’s leadership.
Ajuri Ngelale, a spokesperson for President Tinubu, confirmed to the business publication that the president has mandated his finance and trade ministers to finalise details with the Hinduja Group. Tinubu, in New Delhi, assured potential investors of his commitment to eliminate any obstacles hindering investment in Nigeria.
Nigeria is slated to organise an investment roundtable with the Indian business community on Wednesday, with Aliko Dangote, Africa’s wealthiest individual, and other prominent Nigerian bankers and businessmen expected to participate.
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Price Action: Hinduja Global Solutions share price went up 2.20% to ₹1,051.95 on Wednesday following the report.
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