Nigeria has signed a $1 billion investment agreement with India’s Rashmi Metaliks Group to boost its steel sector over the next three years. The Memorandum of Understanding was signed in Kolkata during a visit by the Minister of Steel, Shuaibu Audu, who highlighted the company’s advanced technology and integrated production model as a benchmark for industrial efficiency.
The deal forms part of Nigeria’s broader strategy to revitalise its steel industry, reduce import dependence, and drive industrialisation. With over 3 billion tonnes of iron ore reserves and annual steel demand estimated at $10 billion, the government aims to position Nigeria as a leading steel hub in Africa, targeting production of 10 million tonnes annually by 2030.
The agreement also reflects deepening Nigeria–India economic ties and growing investor interest in the sector. Ongoing projects, including new steel plants and energy infrastructure such as mini-LNG facilities, are expected to support expansion, job creation, and value addition across the steel value chain.
