Nigeria’s Steel Minister, Shuaibu Audu Signs $1bn Investment MoU With Rashmi Steel Group in India
As Steel Sector Attracts Over $2.2bn FDI Under President Bola Ahmed Tinubu’s Renewed Hope Agenda, Nigeria's Minister of Steel Development, Prince Shuaibu Abubakar Audu has signed an Memorandum of Understanding ( MoU)with the Indian conglomerate, Rashmi Metaliks Group in Kolkata, India, This is in a landmark investment drive, for a projected investment of $1 billion over a three-year period. The landmark achievement followed the Minister’s tour of the Rashmi Metaliks Steel Plant in Kolkata, where he commended the scale of the operations and advanced technology deployed at the facility. Prince Shuaibu lauded the company’s integrated operations — spanning Direct Reduced Iron (DRI), pig iron, billets and finished ductile iron pipes — describing them as a strong example of industrial efficiency and excellence in modern steel production. According to the Minister, Nigeria’s proactive investment drive is already attracting significant global capital. He noted that the ...