President Bola Tinubu’s government says it has attracted a $3 billion investment pledge from Indian investors to boost the steel industry in Nigeria.
Abdullahi Haruna, spokesman for the steel development minister, Shauib Audu, announced this 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,” the statement explained.
It added, “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.”
The minister said the development was a game-changer that would revitalise and transform the nation’s steel industry. Mr Audu lauded Mr Tinubu for his efforts in attracting 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,” said Mr Audu.