In a significant milestone for Nigeria’s steel industry, President Bola Tinubu has secured a monumental $3 billion investment commitment from Jindal Steel and Power Limited, a leading private steel producer based in India. The announcement follows extensive discussions between President Tinubu and the leadership of Jindal Steel and Power Limited on the sidelines of the G-20 Summit held in New Delhi, India.
Minister of Steel Development, Shauib Audu, revealed this promising development in an official statement relayed through Abdullahi Haruna, Special Assistant for Media and Publicity to the ministry. Audu emphasized that this strategic partnership marks a transformative step towards revitalizing and revolutionizing Nigeria’s steel industry.
President Tinubu took the opportunity to commend Indian investors for their substantial commitments, totaling nearly $14 billion, during the Nigeria-India Presidential Roundtable and Conference. He expressed confidence in Nigeria’s potential for delivering exceptional returns on investments, underscoring the unparalleled opportunities the country offers.
Minister Audu lauded the pledge from Jindal Steel and Power Limited, highlighting its commitment to advancing iron ore processing and steel development within Nigeria. He hailed this commitment as a game-changing move that holds the promise of reshaping the nation’s steel landscape.
Additionally, the minister extended his gratitude to President Tinubu for his extraordinary efforts in attracting such a substantial investment to bolster Nigeria’s steel sector. He went on to disclose that the president has successfully garnered a range of new investments, including a significant commitment from Indorama Petrochemical Limited.
The company has pledged an impressive $8 billion for the expansion of its fertilizer production and petrochemical facility situated in Eleme, Rivers State. Minister Audu reassured potential investors, urging them to set aside any apprehensions, as the leadership is poised to lead a capable team dedicated to driving broad prosperity through strategic investments and infrastructure development.
