Nigeria’s steel sector has attracted investment of $3 billion from India s one of the gains from President Bola Tinubu’s participation at the Nigeria-India Presidential Roundtable and Conference in New Delhi, India.
Minister of Steel Development, Prince Shuaib Audu made this known in a statement by Abdullahi Haruna, his Special Assistant, Media and Publicity.
Describing it as a historic move, he said it will kickstart development in Nigeria’s steel sector which has had its mountain of challenges over the years.
He said such investment will go a long way in revitalising the country’s steel industry.
According to the statement, during the conference, President Tinubu had commended Indian investors for significant investment pledges amounting to nearly $14 billion committed during the conference.
“Jindal Steel and Power Limited, one of India’s foremost private steel producers, made this momentous commitment to invest $3 billion in iron ore processing and steel development in Nigeria.
“The announcement came after extensive discussions between the president and the leadership of Jindal Steel and Power Limited on the sidelines of the G-20 Summit in New Delhi, India,” Salako said.
The Minister revealed he is excited about the development, adding that the pledge was a game-changer that would revitalise and transform the nation’s steel industry, praising Tinubu for his exceptional efforts in attracting such a substantial investment for Nigeria’s steel sector.
“Furthermore, this news comes on a day when the presidential tribunal upheld the election of the president.
“As the country eagerly anticipates the positive impact of this massive investment, it marks a pivotal moment in Nigeria’s industrial growth and economic development,” he added.
