Nigeria has secured a $1 billion steel investment deal after signing a Memorandum of Understanding (MoU) with Rashmi Metaliks in India.
The agreement marks a major step to revive the country’s steel sector and boost industrial growth.
The Minister of Steel Development, Shuaibu Abubakar Audu, signed the deal in Kolkata.
The project will run for three years. It will help expand Nigeria’s steel capacity and attract more investors.
Government Pushes Industrial Growth
The deal supports the economic plans of President Bola Ahmed Tinubu.
The government wants to grow local industries and reduce dependence on imports.
As a result, officials are focusing on sectors like steel, mining, and manufacturing.
Minister Praises Modern Steel Production
Audu visited the company’s steel plant during the trip.
He praised its modern system, which covers everything from raw materials to finished products.
He said Nigeria plans to adopt similar methods to improve efficiency and output.
The minister said the deal will create jobs and support local production.
It will also reduce the need to import steel products.
In addition, the project will help Nigeria save foreign exchange and grow its economy.
Nigeria has strong potential in steel production.
The country holds over three billion tonnes of iron ore. Some deposits have high-quality content.
At the same time, local demand for steel stands at about $10 billion each year.
The government aims to produce 10 million tonnes of steel annually by 2030.
Several steel projects are already underway.
These include a $400 million plant in Ogun State and another $300 million project in Kaduna.
The government is also improving power supply to the sector. A $500 million mini-LNG project in Ajaokuta is being developed with the Nigerian National Petroleum Company Limited.
Audu urged more investors to explore Nigeria’s steel industry.
He encouraged partnerships in building modern steel plants and using advanced technology.
He said Nigeria is open to serious investors ready to support growth.
The $1 billion deal shows growing confidence in Nigeria’s steel sector.
With more investments and better policies, the country aims to become a leading steel producer in Africa.
