Leading steel manufacturing company, Aarti Steel Nigeria Limited has debunked media report alleging that the company plans on exiting Nigeria.
The firm according to its statement titled, “False Media Reports on Aarti Steel Nigeria Limited’s Planned Exit from Nigeria” stated that, “Aarti Steel Nigeria Limited wishes to address and categorically refute the recent media reports falsely claiming that the Company is planning to exit Nigeria. These reports are entirely unfounded and do not reflect our intentions or actions”.
“We are currently exploring various avenues to address and mitigate the impact of the false media reports. These erroneous claims have the potential to disrupt our business operations and create unnecessary uncertainty among our stakeholders. We are taking all necessary steps to correct the misinformation and assure our stakeholders of our continued presence and investment in Nigeria”, the statement further read.
Reaffirming its commitment to Nigeria, Aarti in the statement jointly signed by its Chief Finance Officer, Sunil Kumar Sharma and the Director and Head of Operations, Mr. Girish Chandra Tripathi stated that, “We assure our stakeholders, partners, and the general public that Aarti Steel Nigeria Limited has no plans to exit the country. Since our inception in 2003, we have invested a cumulative total of US$100 million into the Nigerian economy, underscoring our commitment to the nation’s industrial growth and development.
Our strategy has always been focused on the long-term survival and growth of our operations in Nigeria. We have consistently communicated our plans and initiatives to recapitalize the Company to our banking partners, ensuring that they are kept informed of our efforts to sustain and enhance our business operations”.
Aarti further held that, “Despite the current economic instability and the challenges presented by the foreign exchange crisis, Aarti Steel Nigeria Limited remains steadfast in its belief in the resilience of the Nigerian economy. We have successfully navigated through similar challenges in the past and are confident in our ability to do so again. Our commitment to Nigeria is unwavering, and we continue to invest in our operations, workforce, and the communities we operate in”.
Established in the year 2003 and formal operations commencing in 2007, Aarti has grown to be one of the leading manufacturing companies in Nigeria providing employments and invested over US$100 million into the nation’s economy. “We have contributed significantly to the country by providing cost-effective indigenous products to local customers and creating employment opportunities for society. Our operations have not only supported local industries but also fostered economic growth, making a substantial impact on the communities we serve.
Since our company became operational in Nigeria in 2007 with the commissioning of our first state-of-the-art galvanizing line, we have continued to expand capacities and product range through several projects. These initiatives have brought our cumulative investment to about US$100 million, making us one of the top producers of steel products in Nigeria. Nigeria also serves as the hub of our African businesses, which span across six other locations on the continent”, its statement debunking the alleged media reports further read.
The firm listed some of its impact on the Nigeria economy to include but not limited to:
- High-Quality Products and Services: Delivering top-tier steel products that support local industries and infrastructure development.
- Industrial Base Expansion: Enhancing local production capabilities through forward and backward integration, reducing dependency on imports.
- Employment Creation: Generating direct and indirect employment opportunities, contributing to socio-economic development.
- Economic Contributions: Paying taxes and fulfilling regulatory obligations, supporting government revenues and public services.
- Export Expansion: Driving foreign currency generation through exports, strengthening Nigeria’s economic stability.
- Corporate Social Responsibility: Engaging in CSR initiatives aimed at improving education, healthcare, and community welfare.