Abuja, Nigeria – The Nigerian government has signed a $1 billion agreement with Indian company Rashmi Metaliks Group to significantly boost local steel production and attract new investment into the nation’s struggling steel sector.
The Memorandum of Understanding (MoU) was signed by the Minister of Steel Development, Shuaibu Abubakar Audu, during an official visit to India. This three-year deal is a major part of the government’s strategy to revitalize the industry and reduce Nigeria’s heavy reliance on costly steel imports.
According to Okay News, the investment aligns with President Bola Tinubu’s economic agenda focused on attracting foreign direct investment. The partnership is expected to create jobs, facilitate technology transfer, and strengthen the country’s industrial capacity.
Despite having over three billion tonnes of iron ore reserves, Nigeria currently depends heavily on foreign steel, with annual imports estimated at around $10 billion. This long-standing import dependency has been a key factor in the sharp rise of domestic steel prices in recent years. This new agreement aims to reverse that trend by enhancing local steel production capabilities.
