One of the key pillars of the Company's strategy is to continue to build capacity in Nigeria that is globally competitive and delivers world-class products to its customers.
We saw mild trends of macroeconomic recovery in several major economies, including the US and Europe. The global steel industry has structural overcapacity in China and Europe, which need to be recalibrated to the underlying global demand to make the industry more competitive and sustainable in the long-term. At African Foundries achieving targets & surpassing trends to setting up standards and enhancing performance & profits is the model we work on.
While oil has always been the backbone of the economy, I have watched the development of small scale projects and the maturity of larger scale industries throughout the country. The technology revolution has brought about profound changes. Modernization has broken down barriers and education has opened up the road of opportunity for Nigerians. I am proud of the part African Industries has played in setting up successful enterprises and creating jobs in Nigeria.
With a population of 160 million people, the largest in Africa, Nigeria is a country that is abundant in natural resources with a growing middle class. African Industries remains enthusiastic about the potential growth Nigeria has to offer which can instigate further development across the continent. Therefore, when you look at Nigeria, be sure to look at us as you will be excited in what we and Nigeria have to offer.
R. K. Gupta