A manufacturing company, Aarti Steel Nigeria Limited has debunked media reports alleging that it planned on exiting Nigeria, stating that it has no plans to exit the country.
This is just as the firm said it has invested a cumulative total of $100 million into the Nigerian economy since its inception in 2003, thereby underscoring its commitment to the nation’s industrial growth and development.
A statement by the firm, titled: ‘False Media Reports on Aarti Steel Nigeria Limited’s Planned Exit from Nigeria’, said the reports were entirely unfounded and did not reflect its intentions or actions.
Chief Finance Officer, Sunil Sharma and the Director and Head of Operations, Girish Tripath, said the firm’s strategy has always been focused on the long-term survival and growth of its operations in Nigeria.
They said despite the current economic instability and the challenges presented by the foreign exchange crisis, Aarti Steel Nigeria Limited remains steadfast in its belief in the resilience of the Nigerian economy.
Having successfully navigated through similar challenges in the past and are confident in their ability to do so again, they noted that their commitment to Nigeria was unwavering, even as they pledged that they would continue to invest in their operations, workforce, and the communities they operate in.
“We have contributed significantly to the country by providing cost-effective indigenous products to local customers and creating employment opportunities for society. Our operations have not only supported local industries but also fostered economic growth, making a substantial impact on the communities we serve.
“Since our company became operational in Nigeria in 2007 with the commissioning of our first state-of-the-art galvanising line, we have continued to expand capacities and product range through several projects. These initiatives have brought our cumulative investment to about $100 million, making us one of the top producers of steel products in Nigeria. Nigeria also serves as the hub of our African businesses, which span across six other locations on the continent,” the statement said.
