India Pledges $3bn Investment In Nigeria’s Steel Industry

Ajaokuta Steel Company

Nigerian President Bola Tinubu has successfully enticed Indian businessmen to spend $3 billion in the steel sector, boosting the country’s economic development record.

According to a statement made in Abuja on Wednesday by Mr Abdullahi Haruna, Special Assistant, Media and Publicity to Minister of Steel Development, Prince Shauib Audu.

“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,” the president said during the Nigeria-India business roundtable in India.

“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.

Leave a Reply