Nigeria secures $1bn steel investment deal in India

Nigeria has taken a major step towards revitalising its steel industry, securing a $1 billion investment commitment following the signing of a Memorandum of Understanding (MoU) between the Minister of Steel Development, Prince Shuaibu Abubakar Audu and India-based Rashmi Metaliks Group in Kolkata on Tuesday.

The agreement, expected to be implemented over three years, underscores the Federal Government’s push to reposition the steel sector and attract foreign direct investment under President Bola Ahmed Tinubu’s Renewed Hope Agenda.

This was revealed in a press statement signed by the ministry’s Head of Press and Public Relations, Salamatu F. Jibaniya, on Tuesday.

According to the statement, Audu, who spoke after touring the company’s steel plant, described the scale of operations and level of technology at the facility as a model for modern industrial production.

He said the firm’s integrated processes—from Direct Reduced Iron (DRI) to finished ductile iron pipes—demonstrate the efficiency Nigeria aims to replicate.

According to the minister, the MoU represents a major milestone in ongoing efforts to revive the steel industry, create jobs and conserve foreign exchange through import substitution.