Adedokun Waliyu 
The Federal Government has signed a memorandum of understanding (MoU) with India’s Rashmi Metaliks Group for a $1 billion investment over three years to boost Nigeria’s steel industry.
The agreement was signed by Shuaibu Audu during a visit to the company’s facility in Kolkata, India.
Audu described the deal as a major milestone in Nigeria’s efforts to reposition the steel sector, stimulate industrial growth, create jobs, and reduce reliance on imports through local production.
He commended the company’s advanced technology and integrated operations, noting that they serve as a model for modern steel manufacturing.
The minister said the partnership reflects Nigeria’s broader push to strengthen economic ties with India, particularly in steel, mining, and manufacturing.
According to him, Nigeria has attracted over $2.2 billion in foreign direct investment and is transitioning from exporting raw materials to building a value-driven industrial economy.
He highlighted that the country possesses more than three billion tonnes of high-grade iron ore, with some deposits containing up to 67 percent iron content. Domestic steel demand is estimated at about $10 billion annually.
Nigeria aims to become a leading steel hub in Africa, targeting production of about 10 million tonnes of crude steel per year by 2030.
Audu encouraged more Indian investors to explore opportunities in the sector, assuring them of stable policies and investment-friendly incentives.
On his part, Sunil Patwari, vice chairman of the company, acknowledged Nigeria’s efforts and called for continued support to ensure successful implementation of the projects under the agreement.
The minister is also expected to meet with H. D. Kumaraswamy to discuss further collaboration before returning to Nigeria.
