By 𝔸bdulrazak Tomiwa

The Federal Government has secured a $1 billion investment from India’s Rashmi Metaliks Group to bolster Nigeria’s steel sector. Signed by Steel Minister Shuaibu Audu in Kolkata, the three-year deal aims to accelerate national industrialization and infrastructure development.

This agreement raises total Foreign Direct Investment in the steel sector to $2.2 billion under President Bola Tinubu’s administration. The Ministry attributes this growth to ongoing economic reforms and a proactive strategy to attract global capital to critical sectors.

Before the signing, Minister Audu inspected the group’s integrated steel plant, including production lines for pig iron and ductile pipes.

He praised the firm’s advanced technology and operational efficiency, identifying it as a model for modernizing Nigeria’s steel production.

Prince Audu stated that the $1 billion commitment signals rising international confidence in Nigeria’s economic path. He emphasized that the steel industry is vital for creating jobs, reducing import dependency, and strengthening the local manufacturing base.

The mission to India is part of a broader plan to revitalize Nigeria’s steel industry through foreign expertise. By securing these multi-billion dollar deals, the government seeks to transform Nigeria into a major African hub for steel and construction.

Ministry spokesperson Salamatu Jibaniya reaffirmed the government’s commitment to maintaining a business-friendly environment. This partnership supports the “Renewed Hope” agenda, focusing on economic diversification and making Nigeria a globally competitive industrial economy.