
The Nigerian Federal Government has secured a $1 billion steel investment commitment from India's Rashmi Metaliks Group, bringing the total foreign direct investment in the steel sector to over $2.2 billion under President Bola Tinubu's administration. The agreement, a Memorandum of Understanding, was signed on April 14, 2026, in Kolkata, India, by the Minister of Steel Development, Prince Shuaibu Abubakar Audu. This investment is projected over a three-year period and follows a tour of Rashmi Metaliks' integrated steel plant by the Nigerian delegation. The Minister stated that this deal reflects growing global confidence in Nigeria's economic reforms and industrial opportunities. He emphasized Nigeria's strategy to attract technology-driven investment and transition from a raw material exporter to a value-adding industrial economy, leveraging its over three billion tonnes of iron ore reserves. Nigeria aims to produce approximately 10 million tonnes of crude steel annually by 2030 to meet an estimated $10 billion annual domestic consumption and become a regional steel hub. Other recent investments include a $400 million Stellar Steel plant in Ogun State and African Industries Group's $300 million facility in Kaduna State, alongside energy support projects like a $500 million mini-liquefied natural gas initiative in Ajaokuta. The Vice Chairman of Rashmi Metaliks Group, Mr. Sunil Kumar Patwari, expressed commitment to the partnership and confidence in Nigeria's industrial poten
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This summary was AI-generated from a story originally published by Punch Nigeria.