List Of Indian-owned Businesses Which Pumped $19 Billion Into Nigeria In Four Decades

Published

3 years ago

January 13, 2023

The Indian government has revealed that Indian firms operating in Nigeria have pumped about $19 billion into the economy over the past 40 years.

The Indian High Commissioner to Nigeria Shri G. Balasubramanian stated this during an interview with the News Agency of Nigeria on Wednesday, January 11, 2023, in Abuja.

He noted that the relationship between the two countries has been excellent and India plans to deepen the cultural exchange program with Nigeria.

He said the countries could corporate via information-sharing and news networks, among others.

The bilateral trade volume between Nigeria and India crossed the $19 billion mark for the financial period of 2021 to 2022, representing an increase of 69.80 per cent.

According to reports, the ex-Prime Minister of India visited Nigeria in 2007 to raise the bilateral relationship between the two countries.

Indian-owned businesses in Nigeria range from automobiles to retail stores and others.

TATA Africa Services Founded in 1868 by Indian businessman, Jamsetji Nasserwanji Tata, the conglomerate has its products in over 150 countries across six continents.

The company was established in Nigeria in 2006 with investments in excess of $10 million, offering products such as passenger vehicles, and light commercial vehicles, amongst others.

Dana Group

Dana Group is a conglomerate with businesses across major industries, founded by Jacky Hathiramani.

The company produces plastic, surgical instruments, steel, allied products, shipping and real estate.

It began its business in Nigeria with medical products and manufacturing before diversifying into the importation of industrial chemical products, among others.

Artee Group

The retail company began as a wholesale business in Nigeria in 1998.

The company also owns Spar Market, a retail store spread across Nigeria, and Park n Shop which operates in cities such as Lagos, Abuja and Port Harcourt.

Antee Group began work on three shopping mall projects in Nigeria after the success of the Port Harcourt Mall.

Me Cure Healthcare

Me Cure Healthcare was founded in 2009 and is a diagnostic service provider identifying the gap in medical diagnostics and providing dependable medical examinations.

The health facility has become a household name for imaging, pathology and cardiac-care services.

About 400 Nigerians work in Me Cure and the facility has expanded into eye care, dental care, cancer management and preventive healthcare.

Dufil Prima Foods

Dufil Prima Foods is the company behind Nigeria’s noodles staple, Indomie Instant Noodles.

The company was founded by Deepak Singhal in Nigeria in 2001 as a private limited liability company, then restructured to become a holding company in 2008.

It has six subsidiaries including Northern Noodles Limited, and Pure Flour Mills Limited.

Chi Limited

Chi Limited was registered in 1980 and became wholly owned by the Coca-Cola Company after its acquisition in 2019.

It provides direct employment to over 2,000 people in Nigeria and 50,000 throughout its value chain.

It produces various fruit juices and yoghurt variants and snacks.

Naira Records Depreciation Against US Dollar Across Official, Black Markets

Published

11 hours ago

December 2, 2025

Editor

The naira depreciated against the dollar at the official and parallel foreign exchange markets on Monday to begin the new month on a bearish note.

Central Bank of Nigeria’s data showed that the Naira weakened to N1,448.44 on Monday, down from N1,446.74 traded on Friday last week.

This means that the naira dropped by N1.7 against the dollar on Monday when compared to Friday.

Similarly, at the black market, the Naira declined by N5 to N1,475 on Monday from N1,470 at the close of work last week.

The development comes as Nigeria’s foreign reserves stood at $44.61 billion as of November 27th, 2025.

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

4 days ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.

NNPCL Reveals Reason Behind N5.4trn Profit After Tax

Published

4 days ago

November 29, 2025

Editor

The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has explained that the state-owned firm’s N5.4 trillion profit after tax declaration in its 2024 financial statements indicates that the country has begun to reap the benefits of the Petroleum Industry Act.

He made this explanation in an interview released on NNPCL’s X account on Friday.

Recall that NNPCL declared a significant N5.4 trillion PAT from a total revenue of N45.1 trillion in 2024.

Reacting, Ojulari said the earnings result demonstrated the state-owned firm’s commitment to transparency.

“This earning is our first step in going out there to make ourselves more visible and demonstrate our commitment towards transparency. The profit of N5.4 trillion is quite significant. What that indicates is that we are beginning to reap the benefits of the Petroleum Industry Act.”

According to DAILY POST, since Ojulari’s appointment in April 2025, NNPCL has been consistent in making its monthly financial records public.