Chukwu Obinna 
KOLKATA, India — Nigeria has signed a $1 billion investment agreement with India’s Rashmi Metaliks Group to revitalise its steel industry and reduce reliance on imports.
The deal, signed in Kolkata on Tuesday, will see funds deployed over three years to boost domestic steel production and strengthen Nigeria’s industrial base.
Minister of Steel Development, Shuaibu Audu, described the agreement as a major milestone for a sector long considered underperforming.
“We are open to credible investors willing to partner with us for mutual growth,” he said.
Audu noted that Nigeria holds over three billion tonnes of iron ore reserves and aims to shift from raw material exports to value-added production.
The country is targeting crude steel output of 10 million tonnes annually by 2030, positioning itself as a leading producer in Africa.
Vice Chairman of Rashmi Metaliks Group, Sunil Patwari, welcomed the partnership and called for sustained policy support to ensure successful implementation.
The agreement forms part of broader efforts to attract foreign investment, with Nigeria already securing over $2.2 billion in recent inflows into the sector.
Officials say the partnership could significantly reshape Nigeria’s manufacturing landscape and reduce dependence on imported steel.
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Oluwafunbi Bello 
Oluwatobi Adu 