Nigeria has signed a $1 billion agreement with Indian steel company Rashmi Metaliks Group to boost local steel production and attract investment into the sector.
The development was disclosed in a statement by the Ministry of Steel Development, signed by its Head of Press and Public Relations, Salamatu Jibaniya.
According to the statement, the deal is part of the Federal Government’s broader strategy to reposition Nigeria’s steel industry, reduce reliance on imports, and strengthen local industrial capacity, the ministry noted.
The Minister of Steel Development, Shuaibu Abubakar Audu, signed the Memorandum of Understanding (MoU) during an official visit to India, marking a significant step in Nigeria’s industrial development agenda, the statement said.
It explained that the agreement is expected to span three years and will cover investment across production, processing, and infrastructure within the steel value chain.
Audu described the Rashmi Metaliks plant as a model of industrial efficiency, stressing that replicating such systems in Nigeria would be key to achieving global competitiveness. He highlighted the importance of leveraging modern technology and integrated production processes to drive sustainable growth in the steel sector.
The Minister added that the agreement is expected to create jobs, facilitate technology transfer, reduce import dependency, and position Nigeria as a competitive player in the global steel market.
