The Federal Government has entered into a major partnership agreement with an Indian firm, Rashmi Metaliks Group, aimed at attracting significant investment into Nigeria’s steel industry and strengthening industrial development.
The agreement, signed through a Memorandum of Understanding with the company based in Kolkata, outlines an investment commitment valued at one billion dollars to be deployed over a period of three years.
The Minister of Steel Development, Prince Shuaibu Audu, led the Nigerian delegation to India, where he officially signed the agreement after visiting the company’s production facilities.
A statement issued on Tuesday by the Ministry’s Head of Press and Public Relations, Salamatu Jibaniya, confirmed the development and highlighted the objectives of the visit.
According to the statement, Audu described the agreement as an important milestone in Nigeria’s ongoing efforts to transform the steel industry, expand industrial capacity, create employment opportunities, and reduce pressure on foreign exchange through local production and import substitution.
During his tour of the facility, the minister praised the size and sophistication of the operations, noting the use of modern technology and fully integrated production systems. He said the setup reflected strong efficiency and high standards in contemporary steel manufacturing.
He further explained that the visit reinforced the growing economic relationship between Nigeria and India, particularly in areas such as steel production, mining, and manufacturing. He also noted that Nigeria’s investment drive had already attracted more than 2.2 billion dollars in foreign direct investment across related sectors.
Prince Audu stated that Nigeria is steadily shifting away from being solely an exporter of raw minerals to becoming a value driven industrial economy. He pointed out that the country holds more than three billion tonnes of high quality iron ore reserves, positioning it as a strong player in the global steel value chain.
“Some deposits grading as high as approximately 67 per cent iron content (Fe), while domestic steel consumption is estimated at about $10 billion dollars annually,” he explained.
He added that Nigeria’s long term ambition is to emerge as a major steel production hub in Africa, with a target of producing about 10 million tonnes of crude steel every year by 2030.
The minister also encouraged investors from India to take advantage of opportunities within Nigeria’s steel sector. He assured them of stable policies, fiscal incentives, and ongoing reforms designed to protect investments and encourage long term participation.
“We are open to credible investors willing to partner with us for mutual growth,” he said.
On his part, the Vice Chairman of Rashmi Metaliks Group, Mr Sunil Patwari, acknowledged Nigeria’s commitment to revitalising its steel industry and urged continued government support to ensure successful implementation of the projects covered in the agreement.
Prince Audu is also expected to engage in further discussions with the Indian Minister of Steel, Shri Kumaraswamy, to explore additional areas of cooperation between both countries before returning to Nigeria.
The partnership is seen as part of broader efforts to deepen international collaboration, strengthen industrial capacity, and accelerate Nigeria’s transition into a more diversified manufacturing based economy.
