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

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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.

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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.

READ ALSO: VIDEO: Moment Peter Obi Was Saved From Mob In Southeast State, Nigerians React

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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.

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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

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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.

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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.

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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.

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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

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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.

READ ALSO: Emefiele ‘Secretly’ Returns To Nigeria Amidst Fear Of Arrest

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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.

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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.

 

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Nigerians Need Cash Now, Osinbajo Laments Naira Scarcity

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Vice President Yemi Osinbajo, SAN, has expressed concern over difficulty experienced by Nigerians in getting the new naira notes.

The VP on Friday in Abuja met with some players in the FinTech space to explore possible ways of mitigating the hardship.

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Osinbajo urged the Central Bank of Nigeria (CBN) and banks to deploy more FinTechs and money agents to the hinterlands to address the worrying situation.

The Vice President stated that Nigerians need cash to pay for transport, food, and other needs.

“In Abuja how do you take ‘drop or along’ or use a Keke NAPEP without cash, or buy foodstuff on the road or in canteens, or even buy recharge cards?

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“Parents with kids in public schools give money daily to their children for lunch, most commerce is informal, so you need cash for most things”, he said.

Osinbajo said it was disturbing that after depositing old notes, there are no new notes: “People everywhere in the urban areas and rural areas simply have no money.”

The nation’s second-in-command observed some FinTechs have mobile money licenses and should be engaged immediately.

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READ ALSO: Allow Old, New Naira Notes Coexist, APC Govs Beg Buhari

He said many of them have micro-finance bank licenses and already have a network of mobile money agents or human banks or human ATMs, as they are sometimes.

They can supervise by themselves. They can do currency swaps and open bank accounts.”

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Also on Friday, President Muhammadu Buhari met with some All Progressives Congress (APC) governors at the Presidential Villa over the nara scarcity.

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Nigeria’s External Reserves Fell By $63.62m In January

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External reserves fell by $63.62 million in January, latest figures from the Central Bank of Nigeria, CBN, have revealed.

The CBN revealed in its data on the movement of foreign reserves that the external reserves, which ended December 30, 2022, at $37.08 billion, fell to $37.01 billion at the end of January 30, 2023.

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Nigeria’s external reserves fell by $3.43 billion in 2022 after dropping from $40.52 billion at the end of December 31, 2021.

READ ALSO: JUST IN: Youths Protest Naira, Fuel Scarcity In Oyo

Earlier, Cordros Securities, in its January report, stated that the country, through its policy, has continued to sideline foreign investors at the expense of foreign earnings.

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CBN’s FX supply to the foreign exchange market segments remained significantly below before the COVUD-19 pandemic period. Meanwhile, the demand for the greenback has increased as market players continue to source for FX to fulfil and clear their outstanding obligations,” the report said.

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Emefiele’s Cashless Policy Disastrous – Shehu Sani

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Civil rights activist and former Senator representing Kaduna Senatorial District, Shehu Sani has described the cashless policy introduced by the Central Bank of Nigeria, CBN, governor, Godwin Emefiele as disastrous and poisonous.

Sani was reacting amid hardship being experienced in withdrawal of money by bank customers leading to queues across the country.

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In a statement he issued on Friday and sent to DAILY POST, Sani wondered how public policy should be a catastrophe to people rather than being a succour.

READ ALSO: Allow Old, New Naira Notes Coexist, APC Govs Beg Buhari

He said: “The redesigning of the National currency and the cash withdrawal policy introduced by Godwin Emefiele is an economic disaster and a poisonous idea aimed at unleashing hardships on the masses of Nigerians.

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“If the Buhari administration really wants to target the few corrupt, it doesn’t have to wait this long and it doesn’t have to impoverished punish the poor. Emefiele set a forest on fire in the name of catching a few rats.”

The ex-lawmaker posited that the apex bank has become a political institution, stating that as a developing nation, economic policies such as this would have taken the status of Nigerians into cognisance.

The CBN has become a political institution and a home for serpentine and delirious economic ideas.

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“The CBN under Emefiele has become a shrine for misery and a breeding ground for penury. It has become a republic within a republic,” he said.

He queried reasons Buhari allowed the policy at the twilight of his administration, particularly in 2019 when he recontested to stop vote buying.

“Why didn’t the Buhari administration introduce the change of currency in 2019 and waited until 2023 if the CBN policy is about curbing vote buying?

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READ ALSO: JUST IN: Buhari Meets APC Governors At Villa

“Nigeria has been turned into a vast refugee camp where people queue for cash ration. Nigerians have subjected to the multiple tragedies of struggling for money, searching for money, looking for money and scratching for money.

“Nigerians used to buy Dollars at the black market, now they are also buying Naira at the black market.

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“The Ahmed Lawan led Senate has failed to checkmate the excesses and autocracy of the CBN because the leadership is in bed with it. The House of Reps have a clear and principled position on the matter”, he concluded.

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