• Monday, July 22, 2024
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We have no plans to exit Nigeria – Aarti Steel

We have no plans to exit Nigeria – Aarti Steel

Aarti Steel Nigeria Limited has debunked reports alleging that it plans to exit Nigeria.

A report had earlier said that the Indian steel maker was planning to exit Nigeria, with African Industries and Bhari already bidding.

But the firm, according to its statement titled, ‘False Media Reports on Aarti Steel Nigeria Limited’s Planned Exit from Nigeria’ stated that,’ said: “Aarti Steel Nigeria Limited wishes to address and categorically refute the recent media reports falsely claiming that the Company is planning to exit Nigeria. These reports are entirely unfounded and do not reflect our intentions or actions.”

Read also: Indian steel maker plans Nigeria exit after $30m investment

“We are currently exploring various avenues to address and mitigate the impact of the false media reports. These erroneous claims have the potential to disrupt our business operations and create unnecessary uncertainty among our stakeholders. We are taking all necessary steps to correct the misinformation and assure our stakeholders of our continued presence and investment in Nigeria,” the statement further read.

Reaffirming its commitment to Nigeria, Aarti, the Indian steel maker, in the statement jointly signed by Sunil Kumar Sharma, chief finance officer, and Girish Chandra Tripathi, director and head of operations, stated that, “We assure our stakeholders, partners, and the general public that Aarti Steel Nigeria Limited has no plans to exit the country. Since our inception in 2003, we have invested a cumulative total of US$100 million into the Nigerian economy, underscoring our commitment to the nation’s industrial growth and development.”

The company said its strategy has always been focused on the long-term survival and growth of operations in Nigeria.

“We have consistently communicated our plans and initiatives to recapitalize the Company to our banking partners, ensuring that they are kept informed of our efforts to sustain and enhance our business operations.”

Aarti further held that, “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. We have successfully navigated through similar challenges in the past and are confident in our ability to do so again. Our commitment to Nigeria is unwavering, and we continue to invest in our operations, workforce, and the communities we operate in.”

Established in 2003 and formal operations commencing in 2007, Aarti has grown to be one of the leading manufacturing companies in Nigeria providing employments and investing over $100 million into the nation’s economy.

Read also: Aarti Steel Nigeria succumbs to economic pressure and closes shop

“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 galvanizing line, we have continued to expand capacities and product range through several projects. These initiatives have brought our cumulative investment to about US$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 noted.

The firm listed some of its impact on the Nigeria economy to include: high-quality products and services; top-tier steel products that support local industries and infrastructure development; industrial base expansion; employment creation, among others.