The Federal Government has signed a $1 billion Memorandum of Understanding (MoU) with Indian conglomerate Rashmi Metaliks Group to boost investment in the nation’s steel sector.
‎The agreement was signed on Tuesday by the Minister of Steel Development, Prince Shuaibu Abubakar Audu, in Kolkata, India, and outlined a projected investment of $1 billion over a three-year period.
‎The deal followed the Minister’s tour of the Rashmi Metaliks steel plant, where he commended the scale of operations and the advanced technology deployed at the facility.
‎In a statement issued by the Ministry’s Head of Press and Public Relations, Salamatu F. Jibaniya, the Minister praised the company’s integrated operations, which spanned Direct Reduced Iron (DRI), pig iron, billets, and finished ductile iron pipes.
‎He described the facility as a strong example of industrial efficiency and excellence in modern steel production.
‎Audu stated that the nation’s proactive investment drive was increasingly attracting global capital, noting that the agreement represented a significant milestone in the country’s efforts to reposition its steel industry.
‎He further reaffirmed President Bola Tinubu’s commitment to revitalising the sector, creating employment opportunities, and conserving foreign exchange through strategic import substitution.
Edited by Favour Owonibi.