By Our Reporter
Nigeria’s Minister of Steel Development, Shuaibu Abubakar Audu, has signed a $1 billion Memorandum of Understanding (MoU) with India-based Rashmi Metaliks Group to boost investment in Nigeria’s steel sector.
A statement signed by the head of Press and Public Relations, Ministry of Steel Development, Salamatu Jibaniya says the agreement, signed in Kolkata is expected to span three years and forms part of efforts by the administration of Bola Tinubu to attract foreign direct investment under the Renewed Hope Agenda.
The deal followed the Minister’s inspection of the Rashmi Metaliks steel plant in Kolkata, where he commended the company’s advanced technology and integrated operations, including direct reduced Iron, pig iron, billets and finished ductile iron pipes.
The Minister described the facility as a model of industrial efficiency, noting that such innovation is critical to repositioning Nigeria’s steel industry for global competitiveness and sustainable growth.
He disclosed that Nigeria holds over three billion tonnes of iron ore reserves, with high-grade deposits, while domestic steel consumption is valued at about $10 billion annually.
