Nigeria has secured a major boost to its industrial ambitions as the Minister of Steel Development, Shuaibu Audu, signed a $1 billion investment agreement with Rashmi Metaliks Group in Kolkata, India.
The deal, sealed through a Memorandum of Understanding (MoU), is expected to span three years and forms part of broader efforts to reposition Nigeria’s steel sector under the administration of Bola Tinubu.
Audu, who toured the company’s steel plant, praised its advanced technology and integrated operations, describing it as a model for modern industrial production.
“This partnership represents a major milestone in our drive to revitalise the steel industry, create jobs and reduce dependence on imports,” he said.
The minister noted that Nigeria’s ongoing reforms have attracted over $2.2 billion in foreign direct investment into the sector, adding that the country is moving from exporting raw materials to building a value-driven industrial economy.
He disclosed that Nigeria holds over three billion tonnes of iron ore reserves and aims to produce about 10 million tonnes of crude steel annually by 2030.
“We are positioning Nigeria as a leading steel hub in Africa, anchored on value addition, innovation and sustainability,” Audu stated.
He also highlighted ongoing projects in the sector, including new steel plants and energy infrastructure initiatives aimed at boosting production capacity.
The minister assured investors of policy stability and incentives, urging more global players to explore opportunities in Nigeria.
“We are open to credible investors willing to partner with us for mutual growth,” he added.
Responding, Vice Chairman of Rashmi Metaliks Group, Sunil Kumar Patwari, said the company is committed to delivering on the agreement.
“This visit reflects the seriousness of the Nigerian government, and we are confident of a successful partnership,” he said.
The minister’s visit also included engagements with officials of the Nigerian High Commission in New Delhi, as part of efforts to deepen economic ties between Nigeria and India in steel and manufacturing.