The Minister of Steel Development, Prince Shuaibu Abubakar Audu, has signed a $1 billion investment Memorandum of Understanding (MoU) with Rashmi Metaliks Group in Kolkata, India, marking a significant milestone in Nigeria’s strategic push to attract global investments into the steel sector.
With this latest agreement, Nigeria’s steel sector has now attracted over $2.2 billion in Foreign Direct Investments under President Bola Ahmed Tinubu’s Renewed Hope Agenda, demonstrating growing international confidence in Nigeria’s industrial transformation agenda.
The partnership is expected to accelerate Nigeria’s transition from a raw minerals exporter to a value-adding industrial economy, strengthen Nigeria–India economic cooperation, and advance the country’s ambition to become a leading steel production hub in Africa.
Signing the MoU, Minister Audu described the agreement as a major step towards unlocking the full potential of Nigeria’s steel sector.
He noted that the partnership with Rashmi Metaliks reflects the increasing confidence of global investors in Nigeria’s economic reforms and the clear policy direction of the Federal Government under President Bola Ahmed Tinubu GCFR.
He added that the Ministry remains committed to creating an enabling environment for strategic investments that will boost local steel production, generate employment opportunities for Nigerians, and position the country as a competitive player in the global steel value chain
