India’s Hinduja Mulls Investment in Nigeria’s Auto Market
By Adedapo Adesanya
Indian car maker, Hinduja Group, has disclosed plans to invest in Nigeria’s automotive industry following talks with President Bola Tinubu in New Delhi, India, ahead of the G20 summit.
President Tinubu is in the Indian capital meeting with delegates and investors on the sidelines of the event, which will be held between September 9 and 10. He was invited to the country by the Prime Minister of India, Mr Narendra Modi.
At a meeting with Mr Tinubu, the Chairman of Hinduja Group, Mr Prakash Hinduja, said he is ready to sign a memorandum of understanding with the Nigerian government for investment in Nigeria’s auto market.
“We are going to make investments worth billions of dollars under your leadership because we see you are already addressing the systemic problems,” he said.
According to Bloomberg, the President has tasked the Minister of Finance, Mr Wale Edun, and the Minister of Trade, Industry, and Investment, Mrs Doris Uzoka-Anite, to iron out the details with the businessman.
“We are here for business. 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,” President Tinubu said in New Delhi.
The company has over $100 billion in assets and could be a game changer for Nigeria.
Mr Tinubu seeks to woo foreign investors to help the country, which is looking for ways to boost its investments and revenue.
Nigeria plans to hold an investment roundtable with the Indian business community on Wednesday. Mr Aliko Dangote, Africa’s richest man, and other top bankers and businessmen from Nigeria are expected to attend.
There will be other meetings with top business leaders and captains of industry from Nigeria and India to attract partnerships and foreign investments in Nigeria by showcasing Nigeria’s vibrant investment opportunities through the lens of the “Renewed Hope Agenda”, the president’s campaign maxim.
The president will also have bilateral engagements, including exclusive meetings with other world leaders to foster economic and trade collaborations.
He will also share Nigeria’s global unity perspective under the summit theme One Earth-One Family-One Future.