India pledges $3bn steel investment in Nigeria

Nigeria’s steel sector may soon get a shot in the arm, going by a $3 billion investment pledge from Indian investors.

President Bola Tinubu extracted the commitment during the Nigeria-India economic roundtable in India.

“In a historic move that promises to bolster Nigeria’s steel industry, President Tinubu has successfully attracted a monumental $3 billion investment pledge from Indian investors.

“This achievement was met with applause and commendation from the minister.

“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”, said the Minister of Steel Development, Shuaib Audu.

Audu expressed satisfaction at the development adding that the pledge was a game-changer that would revitalise and transform the nation’s steel industry.

He appreciated 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 said.

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