The Federal Government has secured a fresh $1bn steel investment commitment as part of efforts to accelerate industrialisation, with total foreign direct investment in the steel sector rising above $2.2bn under President Bola Tinubu’s economic reform agenda.
The latest deal was sealed on Tuesday in Kolkata, India, where the Minister of Steel Development, Shuaibu Audu, signed a Memorandum of Understanding with the Rashmi Metaliks Group for a projected three-year investment valued at $1bn.
The agreement followed a facility tour of the company’s integrated steel plant, where the Nigerian delegation inspected operations spanning Direct Reduced Iron, pig iron, billets, and ductile iron pipe production.
A statement by the ministry’s Head of Press and Public Relations, Salamatu Jibaniya, confirmed the development, describing it as a key milestone in Nigeria’s industrial expansion drive.
The statement read, “The Minister of Steel Development, Prince Shuaibu Abubakar Audu, in a landmark investment drive, signed a Memorandum of Understanding with the Indian conglomerate, Rashmi Metaliks Group, on Tuesday, 14 April 2026, in Kolkata, India, for a projected investment of $1bn over a three-year period.”
