We Have no Plans to Exit Nigeria – Aarti Steel

Oluchi Chibuzor

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.”