FG secures $3bn investment pledge for steel sector



Uba Group

President Bola Tinubu has attracted a $3 billion investment pledge from Indian investors for the development of the steel sector, during the Nigeria-India economic roundtable in India, a statement from the Ministry of Steel Development has said.

The statement. which was signed by Abdullahi Haruna, Special Adviser, Media to the Minister, described the investment pledge as an assurance with which the minister is pleased, saying: “This achievement was met with applause and commendation from the Minister of Steel Development, Prince Shuaibu Abubakar Audu.”

The statement said Jindal Steel and Power Limited, one of India’s foremost private steel producers, made the commitment to invest $3 billion in iron ore processing and steel development in Nigeria, adding that the announcement came after extensive discussions between President Tinubu and the leadership of Jindal Steel and Power Limited on the sidelines of the G-20 Summit in New Delhi, India.

“Minister Audu expressed his jubilation at this landmark development, hailing President Tinubu for his exceptional efforts in attracting such a substantial investment for Nigeria’s steel sector. This significant investment pledge is seen as a game-changer that promises to revitalize and transform the nation’s steel industry.

“Furthermore, this news comes on a day when the Presidential Tribunal upheld the elections of President Tinubu,” he said, adding that the victory is an extra layer of significance to the achievement.

Audu said 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.