Nigeria Secures $1bn Steel Investment Deal with Indian Firm

Nigeria has taken a significant step toward revitalising its industrial sector following the signing of a $1 billion steel investment agreement with India-based Rashmi Metaliks Group.

The deal, formalised through a Memorandum of Understanding (MoU), was signed in Kolkata by the Minister of Steel Development, Prince Shuaibu Audu, as part of ongoing efforts to reposition Nigeria’s steel industry for growth and global competitiveness.

According to government officials, the investment is expected to be implemented over a three-year period and will focus on boosting local steel production capacity, reducing reliance on imports, and creating employment opportunities across the value chain.

The agreement underscores Nigeria’s commitment to strengthening bilateral economic ties with India, while also attracting foreign direct investment into critical sectors of the economy.

The Federal Government noted that the initiative aligns with the broader economic reforms of President Bola Ahmed Tinubu, aimed at driving industrialisation and economic diversification. Officials added that cumulative investments in Nigeria’s steel sector have now surpassed $2.2 billion, reflecting renewed investor confidence in the country’s economic direction.

Industry analysts say the development could mark a turning point for Nigeria’s long-struggling steel sector, with potential ripple effects on infrastructure development, manufacturing, and job creation nationwide.

The government reaffirmed its commitment to ensuring the successful implementation of the project, describing it as a critical milestone in Nigeria’s journey toward self-sufficiency in steel production.