Nigeria Secures $1B Steel Investment from India

The Nigerian government has secured a $1 billion investment deal in the steel sector with India's Rashmi Metalik Group, marking a significant milestone in its industrialization efforts. The memorandum of understanding was signed on April 14, 2026, in Kolkata, India, by Shuaibu Abubakar Audu, the Minister of Steel Development.

This investment is part of a three-year project that follows a tour of Rashmi Metalik's integrated steel plant by a Nigerian delegation. The deal is expected to enhance Nigeria's foreign direct investment in the steel sector, which has now risen to over $2.2 billion under President Bola Tinubu's economic reform agenda.

The agreement reflects growing global confidence in Nigeria's reform trajectory and aims to create employment opportunities while conserving foreign exchange through import substitution. The Nigerian steel industry, currently facing a consumption gap of 10 million tons annually, aims to become a regional steel hub by 2030.