In a historic and game-changing move for Nigeria’s steel industry, President Bola Tinubu has successfully secured a monumental $3 billion investment commitment from Indian investors during the Nigeria-India economic roundtable in India.
This remarkable achievement has been met with applause and commendation from the Minister of Steel Development, Prince Shuaibu Audu.
Jindal Steel and Power Limited, one of India’s leading private steel producers, made a significant commitment to invest $3 billion in iron ore processing and steel development in Nigeria, following 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.
Audu, who was ecstatic over the development, hailed 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 revitalise and transform the nation’s steel industry.
A statement from the special adviser to the minister, Abdullahi Haruna highlighted the additional significance of this news as it coincided with the Presidential Tribunal upholding President Tinubu’s elections. With the country eagerly anticipating the positive impact of this massive investment, it marks a pivotal moment in Nigeria’s industrial growth and economic development.
President Tinubu’s success in attracting this substantial investment underscores his commitment to boosting Nigeria’s industrial capacity and economic prosperity. The $3 billion investment holds the potential to create jobs, drive economic growth and position Nigeria as a key player in the global steel industry.