Nigeria has secured a $1 billion investment deal in its steel sector following the signing of a Memorandum of Understanding with India’s Rashmi Metaliks Group in Kolkata.
The agreement was signed by the Minister of Steel Development, Shuaibu Abubakar Audu, as part of efforts by the Federal Government to reposition the country’s steel industry.
Audu said Nigeria is actively transitioning from a raw minerals exporter to a value-adding industrial economy.
He disclose that the country holds over 3 billion tonnes of iron ore reserves, with some deposits grading as high as 67 percent iron content, while domestic steel consumption stands at an estimated $10 billion annually.
Audu reaffirmed the commitment of President Bola Tinubu to making Nigeria a leading steel hub in Africa, with a target of producing 10 million tonnes of crude steel annually by 2030.
The Minister called on more indian investors to explore opportunities in integrated steel plants, Direct Reduced Iron and electric-arc furnace technologies, and full value chains for the automotive, construction, and infrastructure sectors.
The investment, expected to be implemented over three years, followed the Minister’s tour of the company’s integrated steel plant in Kolkata.
The development adds to ongoing investments in the sector, including a $400 million Chinese-Nigerian joint venture steel plant in Ogun State and a $300 million integrated steel project by African Industries Group in Kaduna State.
To support energy needs in the sector, the Nigerian National Petroleum Company Limited, in collaboration with the Ministry of Steel Development, is also developing mini-LNG plants in Ajaokuta, Kogi State.
The $500 million project is designed to boost gas supply to the steel industry, with a combined daily capacity of approximately 97 million standard cubic feet.
Vice Chairman of Rashmi Metaliks Group, Mr. Sunil Kumar Patwari, pledged the company’s commitment to delivering on the MoU’s projections, subject to the Nigerian Government’s continued support.
The ministerial delegation, which included Ministry Directors and officials of the Nigerian High Commission in New Delhi led by Acting High Commissioner Ambassador Ubong Akpan Johnny, is expected to round off the India visit on Thursday, 16 April 2026, when Minister Audu is scheduled to meet his Indian counterpart, Minister of Steel Shri H. D. Kumaraswamy, to explore bilateral collaboration before returning to Nigeria.



