The Indian conglomerate Hinduja Group said it plans to invest in Nigeria’s auto industry following talks with the country’s president in New Delhi ahead of the G20 summit.
The investment from Hinduja Group, which boasts over $100 billion in assets, comes as the West African nation seeks to woo foreign investors to help stabilize the naira, which has lost more than 40% of its value this year.
Prakash Hinduja, the company’s chairman, said he is ready to sign a memorandum of understanding with the Nigerian government after meeting with President Bola Tinubu. “We are going to make investments into the billions of dollars under your leadership, because we see you are already addressing the systemic problems.”
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