Nigeria Secures $3bn Investment in Steel from India
Nigeria President Bola Tinubu has successfully attracted a $3 billion investment pledge into the steel sector from Indian investors, to boost the country’s economic growth performance.
This is according to a statement by Mr Abdullahi Haruna, Special Assistant, Media and Publicity to Minister of Steel Development, Prince Shauib Audu, in Abuja on Wednesday,
The president made 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,” he said.
Audu expressed his jubilation 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. #Nigeria Secures $3bn Investment in Steel from India Fitch Flags Nigeria’s FX Reserves for Transparency Issue