Nigeria has signed a $1 billion Memorandum of Understanding (MoU) with India-based steel giant Rashmi Metaliks Group in a major move aimed at revitalizing the country’s steel industry and strengthening its industrial base.
The agreement was reached during a high-level engagement in Kolkata, India, led by Nigeria’s Minister of Steel Development, Prince Shuaibu Abubakar Audu, who visited the company’s integrated steel facility as part of efforts to attract foreign investment into the sector.
According to officials, the MoU is valued at approximately $1 billion and is expected to be implemented over a three-year period. The partnership is designed to support the development of Nigeria’s steel value chain, including production, processing, and industrial capacity expansion.
The initiative is part of the Nigerian government’s broader strategy to reduce reliance on imported steel products and promote local manufacturing.
The proposed investment is expected to focus on key areas including:
Expansion of steel production facilities
Development of iron and billet manufacturing capacity
Technology transfer and industrial expertise sharing
Job creation and skills development for Nigerian workers
Strengthening of Nigeria’s industrial infrastructure
Officials noted that the partnership aligns with Nigeria’s ambition to become a regional hub for steel production in West Africa.
The Federal Government described the MoU as a significant step toward industrial transformation, emphasizing that Nigeria’s vast iron ore reserves remain largely underutilized.
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