Nigeria secures $3bn steel investment from Indian investors

President Bola Tinubu has successfully attracted a 3 billion U S dollars investment pledge from Jindal Steel and Power Limited, one of India’s foremost private steel producers, as part of commitments to revatilise the country’s steel industry.

Shauib Audu, the minister of steel development made the disclosure in a statement through

Abdullahi Haruna, special assistant, media and publicity to the ministry.

The development 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.

Addressing investors at the Nigeria-India Presidential Roundtable and Conference, Tinubu commended Indian investors for significant investment pledges amounting to nearly $14 billion.

“We are ready to give you the best returns for investment possible, there is nowhere else like our country. Nigeria offers the best returns for investment today, so invest now,”he said.

Nigeria’s minister of steel development described the Indian company’s pledge to promote iron ore processing and steel development in Nigeria, as a game-changer that would revitalise and transform the nation’s steel industry.

Audu also appreciated Tinubu for his exceptional efforts in attracting such a substantial investment for Nigeria’s steel sector.

The minister also disclosed that the president has successfully attracted numerous new investments, including a substantial commitment from Indorama Petrochemical Limited.

He disclosed that the company has pledged an impressive $8 billion for the expansion of its fertilizer production and petrochemical facility in Eleme, Rivers State.

He asked the investors to put their fears aside, assuring that he leads a team that can drive the goal of broad prosperity through investment and infrastructure.