Aarti Steel Nigeria Limited has denied reports saying it plans to exit Nigeria due to the current economic challenges.

A report alleged that the Indian steel manufacturer was planning to exit Nigeria, with African Industries and Bhari bidding to acquire its assets.

Aarti invests $100 million in Nigeria

According to a company statement, the reports are false and unfounded and do not reflect the company's intentions or actions.

The firm said it is currently exploring various avenues to address and mitigate the impact of the false media reports, stating the claims could disrupt its business operations and create unnecessary uncertainty among its stakeholders.

The Indian firm said in a statement signed by Sunil Kumar Sharma, chief finance officer, and Girish Chandra Tripathi, director and head of operations, that it has invested about $100 million in the Nigerian economy, showing its commitment to its industrial growth and development.

Per the statement, the firm’s strategy has been focused on the long-term survival and growth of operations in Africa’s most populous country.

It said: “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 says the report could hurt its Nigerian operations

Reports say Aarti stated that despite the current economic uncertainty and forex challenges, it remains strong in its belief in the resilience of the Nigerian economy.

Aarti Steel Nigeria Limited was established in 2003 and commenced formal operations in 2007.

It has since grown to be one of the foremost manufacturing firms in Nigeria. It has provided hundreds of employment and invested about $100 million in the Nigerian economy.