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

Published

2 years ago

January 13, 2023

Editor

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 Appreciates At Official Market

Published

3 weeks ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

4 weeks ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

Business

Naira Appreciates Against Dollar At Foreign Exchange Market

Published

1 month ago

May 17, 2025

Editor

The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.