Tinubu’s reforms pull $2.2bn into sector
From Charity Nwakaudu, Abuja
The Minister of Steel Development, Prince Shuaibu Abubakar Audu, has signed a $1 billion investment Memorandum of Understanding (MoU) with India’s Rashmi Metaliks Group in a major push to revive the nation’s steel industry.
The deal, sealed on Tuesday in Kolkata, India, is expected to be executed over three years and marks a significant milestone in the Federal Government’s drive to reposition the sector.
Audu, who toured the company’s steel plant, praised its advanced technology and integrated operations, describing it as a model for efficient, modern steel production.
He said the agreement aligns with President Bola Tinubu’s Renewed Hope Agenda, aimed at boosting local production, creating jobs, and reducing import dependence.
The minister disclosed that Nigeria’s steel sector has already attracted over $2.2 billion in foreign direct investment, signalling renewed global confidence in the industry.
According to him, Nigeria holds over three billion tonnes of iron ore with strong grades and spends about $10 billion annually on steel imports—a gap the government is determined to close.
He added that the country is targeting annual steel production of 10 million tonnes by 2030 as part of plans to emerge as Africa’s steel hub.
Highlighting ongoing investments, Audu listed a $400 million steel plant in Ogun, a $300 million African Industries project in Kaduna, and a $500 million mini-LNG initiative in Ajaokuta to power the industry.
He urged more Indian investors to key into opportunities in Nigeria’s steel value chain, assuring them of policy stability and investment-friendly reforms.
Rashmi Metaliks Vice Chairman, Sunil Kumar Patwari, welcomed the partnership and pledged the company’s commitment to delivering on the agreement.
Audu is also scheduled to meet India’s Steel Minister, H.D. Kumaraswamy, to deepen bilateral cooperation before returning to Nigeria.
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