Business News

Indian Billionaire, Hinduja pledges investment in Nigeria’s automobile manufacturing

Gopichand Hinduja, the Chairman and CEO of the Hinduja Group of Companies, a conglomerate with a total asset portfolio exceeding $100 billion met with President Bola Ahmed Tinubu in New Delhi, India on Tuesday, September 5 and pledged to invest billions of dollars in Nigeria’s automobile industry.

According to a statement signed by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale, Hinduja was received by the President within 90 minutes of the President’s arrival in India for a meeting, which began around 8:00 pm local time.

Tinubu told Hinduja that he is in India with one focus: attracting investments to Nigeria with lucrative opportunities for investors, but most essentially, jobs for Nigerians and new revenue opportunities for Nigeria’s federal and sub-national governments.

Tinubu says there is no bottleneck he will not break

According to Ngelale’s statement, Tinubu said:

  • “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. Nigeria will become one of the most conducive places to make good profits and create lasting jobs.
  • “With my support, nothing is standing in your way of enjoying the unrivaled opportunities presented by our massive market and the ingenious and hardworking nature of the Nigerian people. We are open for business.”

A part of Ngelale’s statement read:

The Hinduja Group Chairman told the President that he witnessed his landmark effort as Governor of Lagos in turning a coastal erosion and water encroachment crisis into a massive free trade zone where industry thrives.

This, he said, was partially responsible for his excitement to partner with Nigeria’s new President to create win-win prosperity for Nigeria’s talented population. Hinduja said:

  • “We believe in you as a leader who has done this before. You know what the challenges are. You know how to fix them. We will invest billions of dollars under your leadership because we see you are already addressing the systemic problems.
  • “I am ready now to sign an MoU and to begin execution. You tell me who to liaise with and we will get to work immediately, particularly concerning bus and automobile manufacturing in Nigeria, amongst other areas.
  • “I have had paperwork stalled in Nigerian bureaucracy for over one year, especially in FCT, but I knew that you would be purpose-driven in this endeavor and God will help you to turn Nigeria’s rich promise into a rich reality for all its citizens.”

Tinubu said:

  • “Ministers of Trade and Finance, the two of you will follow this up immediately and you will draw up the terms to the satisfaction of both parties. If there are any issues at all which require my intervention, they must be brought to my attention immediately.”

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