The federal government has signed a memorandum of
understanding (MoU) with an Indian firm, Rashmi Metaliks Group, for a $1
billion investment over three years.
Shuaibu Audu, minister of steel development, led the
Nigerian delegation and signed the agreement during a visit to the company’s
facility in Kolkata, India.
According to NAN, the deal was announced in a statement on
Tuesday by Salamatu Jibaniya, the ministry’s head of press and public relations
Speaking on the development, Audu described the move as a
major milestone in Nigeria’s drive to reposition the steel sector, boost
industrial growth, generate jobs, and conserve foreign exchange through
strategic import substitution.
The minister, who toured the company’s facility, commended
its scale of operations, use of advanced technology, and integrated systems,
describing it as a model for modern steel production.
He said the facility’s efficiency underscored the importance
of value addition, innovation, and sustainability in modern steel production.
The minister said the visit reflects ongoing efforts to
strengthen economic ties between India and Nigeria across steel, mining, and
manufacturing.
According to Audu, Nigeria’s investment drive had attracted
over $2.2 billion dollars in foreign direct investment.
He said the country is shifting from exporting raw minerals
to developing a value-adding industrial economy, noting that Nigeria has more
than three billion tonnes of high-grade iron ore.
“Some deposits grading as high as approximately 67 percent
iron content (Fe), while domestic steel consumption is estimated at about $10
billion dollars annually,” Audu said.
“Nigeria aims to become a leading steel hub in Africa,
targeting crude steel production of approximately 10 million tonnes per annum
by 2030.”
The minister urged Indian investors to explore opportunities
in the sector, assuring them of policy stability and incentives designed to
protect investments.
“We are open to credible investors willing to partner with
us for mutual growth,” he said.
On his part, Sunil Patwari, vice chairman of the company,
acknowledged Nigeria’s efforts to reposition the steel industry and called for
support to deliver the projects covered in the MoU.
The statement said the minister is also expected to meet
Shri Kumaraswamy, Indian minister of steel, to discuss further collaboration
before returning to Nigeria.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com