Aarti Steel Nigeria Limited has denied reports saying it plans to exit Nigeria due to the current economic challenges.
A report alleged that the Indian steel manufacturer was planning to exit Nigeria, with African Industries and Bhari bidding to acquire its assets.
According to a company statement, the reports are false and unfounded and do not reflect the company’s intentions or actions.
The firm said it is currently exploring various avenues to address and mitigate the impact of the false media reports, stating the claims could disrupt its business operations and create unnecessary uncertainty among its stakeholders.
The Indian firm said in a statement signed by Sunil Kumar Sharma, chief finance officer, and Girish Chandra Tripathi, director and head of operations, that it has invested about $100 million in the Nigerian economy, showing its commitment to its industrial growth and development.
Per the statement, the firmâs strategy has been focused on the long-term survival and growth of operations in Africaâs most populous country.
It said:
Reports say Aarti stated that despite the current economic uncertainty and forex challenges, it remains strong in its belief in the resilience of the Nigerian economy.
Aarti Steel Nigeria Limited was established in 2003 and commenced formal operations in 2007. It has since grown to be one of the foremost manufacturing firms in Nigeria.
It has provided hundreds of employment and invested about $100 million in the Nigerian economy.
The development comes as tech company Microsoft also said it is not leaving Nigeria despite sacking about 200 employees from its Africa Development Centre in Lagos, Nigeria.
The managing director and chief executive officer of Microsoft Nigeria, Ola Williams, has denied reports that the tech company is closing its doors in Nigeria.
William stated this when Obiageli Amadiobi, the Director-General of the National Office for Technology Acquisition and Promotion (NOTAP), met with ICT firms in Lagos.
William added that the company was committed to the sustainable growth of the tech sector in Nigeria.
Many firms have closed shops in Nigeria, citing the hard economic climate and forex challenges.Â
GlaxoSmithKline (GSK), a British healthcare and multinational biotech firm, has announced plans to leave Nigeria after 51 years of operations.Â
The company said in a statement seen by TimesNow.com.ng that it disclosed that the British firm informed GlaxoSmithKline Consumer Nigeria Plc of its plans to cease commercialising its top medicines and vaccines in the country via GSK local operating companies and move to a third-party direct distribution model.Â
The company added that it had stated its plans to end its distribution agreement in the coming months and appoint a third-party distributor in Nigeria to supply healthcare products.
A French pharmaceutical manufacturing company, Sanofi, exited Nigeria in November last year.
