The Federal Government has secured a $1 billion investment agreement with Rashmi Metaliks Group to boost Nigeria’s steel industry and accelerate industrial growth.
The Memorandum of Understanding (MoU), signed in Kolkata, India, outlines a three-year investment plan aimed at strengthening local steel production capacity.
Minister of Steel Development, Shuaibu Audu, who led the Nigerian delegation, praised the company’s advanced technology and integrated steel operations, describing them as a benchmark for modern industrial efficiency.
He said the deal marks a major step in repositioning Nigeria’s steel sector in line with the vision of President Bola Ahmed Tinubu, whose Renewed Hope Agenda targets an annual crude steel output of 10 million tonnes by 2030.
Audu highlighted Nigeria’s vast potential, noting that the country holds over 3 billion tonnes of iron ore reserves and an annual steel demand valued at about $10 billion.
He added that the partnership would help drive job creation, reduce import dependence, and conserve foreign exchange through local production.
The minister also pointed to ongoing investments in the sector, including projects by African Industries Group and collaborations involving the Nigerian National Petroleum Company Limited to develop supporting energy infrastructure.
Reaffirming the government’s commitment to investors, Audu assured that policies, incentives, and ease-of-doing-business reforms are being strengthened to support industrial expansion.
In response, Vice Chairman of the company, Sunil Kumar Patwari, expressed confidence in the partnership, pledging the company’s commitment to delivering on the agreed projects.
The move underscores growing economic ties between Nigeria and India, particularly in steel, mining, and manufacturing.
