Indian Billionaire to Invest in Automobile in Nigeria as Tinubu Meets With One of India's Richest Men
- President Bola Tinubu has met with one of India's wealthiest men, Prakash Hinduja
- The president assured the Indian billionaire that he was ready to partner with him for investments in Nigeria
- The billionaire revealed that his companies would focus on automobile manufacturing in Nigeria
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President Bola Tinubu met with the CEO of Hinduja Group of Companies, Prakash Hinduja, who is worth over $100 billion.
According to the spokesman for President Tinubu, Ajuri Ngelale, the Indian billionaire met with Tinubu within 90 minutes of his arrival in India for a meeting.
Source: Getty Images
Tinubu promises conducive business environment
Ngelale revealed that the Tinubu was accompanied by the Ministers of Finance, Trade and Industry, and Foreign Affairs.
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The president said he was India to attract investments to Nigeria with lucrative opportunities for investors, especially jobs for Nigerians and new revenue for the country's national and sub-national governments.
Daily Trust reports that President Tinubu revealed that he will dismantle bottlenecks to ensure investors have smooth sailing investing in the country and make Nigeria one of the best places for thriving businesses.
Tinubu said:
"With my support, nothing stands in your way of enjoying the unrivalled opportunities presented by our massive market and the Nigerian people's ingenious, hardworking nature. We are open for business."
Indian billionaire to invest in automobile in Nigeria
The billionaire applauded Tinubu's abilities and stated that he witnessed the President's remarkable achievements in Lagos State as governor in turning coastal erosion and water encroachment into a Free Trade Zone with thriving industries.
Hinduja revealed that the President's past achievements are why he is excited to partner with him to create mutual prosperity for Nigeria's population.
Per the billionaire, his companies will make investments worth billions of dollars under the President as he is already addressing bottlenecks in the system.
The development comes as recent reports suggest that Nigeria's Foreign Direct Investment turned negative with $187 million in 2022.
The report said Egypt, South Africa, and Ethiopia, among others, are preferred investment destinations on the continent.
He revealed that he was ready to sign an MoU and begin execution, saying his company would focus on automobile manufacturing in Nigeria.
Tinubu in India: Nigeria missing as Egypt, SA, others emerge top African countries with biggest FDI
Legit.ng reported earlier that Nigeria is conspicuously missing in the latest release of the top 10 African countries that attracted the most foreign investments in the first half of 2023.
Recent data shows that Africa's largest economy, which devalued its currency to woo foreign investors, is battling investor confidence due to many issues and suffers vast foreign divestments.
The country's recently elected President, Bola Tinubu, is in India to attend the G20 meeting and is expected to market Africa's largest crude oil producer to investors.
Source: Legit.ng
