Hinduja Group intends to invest in the automotive sector in Nigeria
By siliconindia | Wednesday, 06 September 2023, 11:17:22 AM IST
The Hinduja Group intends to invest billions of dollars in Nigeria's automotive sector. Prior to the G20 conference, the group is in talks with the president of Nigeria in New Delhi. The chairman of the corporation, Prakash Hinduja, declared, "We are going to make investments into the billions of dollars under your leadership, because we see you are already addressing the systemic problems." After meeting with President Bola Tinubu, he also declared his readiness to sign an agreement with the Nigerian government. The West African nation is striving to attract foreign investments to help stabilize the naira. It is worth noting that naira has lost more than 40% of its value in 2023. Nigerian president has assigned his finance and trade ministers to finalise a deal with the company after working on its details, confirmed the spokesperson for Tinubu.
“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. Nigerian President Bola Ahmed Tinubu arrived in Delhi on Tuesday to attend the G20 summit. A delegration from the only African nation in the G20, South Africa will join under the leadership of President Cyril Ramaphosa. US President Joe Biden, Russia's Foreign Minister Sergei Lavrov, Chinese delegation led by Premier Li Qiang, Brazil's President Luiz Inacio Lula da Silva, Bangladesh Prime Minister Sheikh Hasina will also join the summit.
United Nations Secretary-General Antonio Guterres will attend as an observer, with the heads of the IMF and the World Bank also in attendance. The summit will also be joined by German Chancellor Olaf Scholz, French President Emmanuel Macron and European Commission President Ursula von der Leyen. These leaders will represent the European Union. Leaders of fellow G7 members like Britain, Canada, Japan, and Italy will join the summit. Rishi Sunak, Justin Trudeau, Fumio Kishida and Giorgia Meloni, will also participate in the summit. From the Asia-Pacific region, Indonesian President Joko Widodo, South Korean President Yoon Suk Yeol and Australian Prime Minister Anthony Albanese will take part. Turkish President Recep Tayyip Erdogan will attend in person, and Saudi Crown Prince Mohammed bin Salman is also expected.
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