Federal Government has signed a $1 billion investment agreement with an Indian firm, Rashmi Metaliks Group, as part of efforts to revive and reposition Nigeria’s steel sector.
Gatekeepers News reports that the deal, formalised through a Memorandum of Understanding (MoU), was signed in Kolkata, India, by the Minister of Steel Development, Shuaibu Audu, during an official visit to the company’s facility. The investment is expected to be implemented over a three-year period.
According to the ministry, the agreement is a major step in Nigeria’s industrialisation drive, aimed at boosting local steel production, creating jobs, and reducing dependence on imported steel products.
Audu, who toured the company’s integrated steel plant, commended its advanced technology and large-scale operations, describing it as a model for efficient and modern steel production. The facility handles processes including direct reduced iron, pig iron, billets, and finished steel products.
The minister noted that the partnership reflects growing investor confidence in Nigeria’s economy, adding that the country has already attracted over $2.2 billion in foreign direct investment into the steel sector.
He also highlighted Nigeria’s vast natural resources, including over three billion tonnes of iron ore, and reiterated the government’s plan to transition from exporting raw materials to building a value-driven industrial economy.
The Federal Government aims to position Nigeria as a leading steel hub in Africa, with a target of producing about 10 million tonnes of crude steel annually by 2030.
Officials added that the agreement further strengthens economic ties between Nigeria and India, particularly in the areas of steel, mining, and manufacturing, while opening the door for additional foreign investments in the sector.
