The Federal Government has signed a $1 billion investment agreement with Rashmi Metaliks Group to revitalise Nigeria’s steel industry over the next three years.
The deal was sealed by Shuaibu Audu during a visit to the company’s facility in Kolkata, India.
He described the agreement as a major step toward strengthening Nigeria’s industrial base, creating jobs, and reducing dependence on imported steel.
Audu noted that Nigeria is shifting focus from exporting raw materials to building a value-driven industrial economy. He added that the country has over three billion tonnes of high-grade iron ore and aims to produce about 10 million tonnes of steel annually by 2030.
The minister also highlighted that Nigeria has already attracted over $2.2 billion in foreign investments, urging more global investors to tap into opportunities in the steel, mining, and manufacturing sectors.
In response, company officials expressed readiness to collaborate with Nigeria to successfully implement the investment plan and support the country’s industrial growth.
