- Nigeria Secures $1bn Investment to Drive Steel Production, Job Creation
- During a tour of the company’s facility, Audu praised its advanced technology, integrated operations and high efficiency
- Audu revealed that Nigeria has over 3 billion tonnes of high-grade iron ore reserves, with some deposits reaching about 67 per cent iron content
The Federal Government has taken a significant step towards revitalising Nigeria’s steel industry with the signing of a $1 billion investment agreement with Rashmi Metaliks Group in Kolkata, India.
Eko Hot Blog reports that the Minister of Steel Development, Shuaibu Audu, led the Nigerian delegation that formalised the Memorandum of Understanding (MoU), which is expected to be implemented over a three-year period.
EDITOR’S PICK
- Viral Video Sparks Action as Lagos Rescues Neglected Child
- Big Head, Bigger Pressure: Inside Amupitan’s INEC Assignment
- NIMR Crisis: FG Tenure Policy Behind Directors’ Exit, Ongoing Strike
According to the minister, the deal marks a major milestone in efforts to reposition the steel sector, stimulate industrial growth, create jobs and reduce dependence on imported steel products.
During a tour of the company’s facility, Audu praised its advanced technology, integrated operations and high efficiency, describing it as a model for modern steel production.
He noted that the partnership reflects Nigeria’s broader strategy to move from exporting raw minerals to developing a value-driven industrial economy.
Audu revealed that Nigeria has over 3 billion tonnes of high-grade iron ore reserves, with some deposits reaching about 67 per cent iron content. He added that the country currently spends an estimated $10 billion annually on steel consumption.
He said the government is targeting crude steel production of about 10 million tonnes per year by 2030, positioning Nigeria as a leading steel hub in Africa.
The minister also assured foreign investors of policy stability, fiscal incentives and a supportive business environment to encourage long-term investment.
“We are open to credible investors willing to partner with us for mutual growth,” he said.
On his part, the Vice Chairman of the company, Sunil Patwari, acknowledged Nigeria’s commitment to transforming its steel sector and called for continued support to ensure successful implementation of the agreement.
As part of the visit, Audu is also expected to meet with India’s Minister of Steel, Shri Kumaraswamy, to explore further areas of collaboration between both countries.
The development highlights growing economic ties between Nigeria and India, particularly in steel, mining and manufacturing.
