By Danjuma Amodu | March 17, 2026
NEW DELHI, INDIA – Nigeria’s Minister of Steel Development, Prince Shuaibu Abubakar Audu, held bilateral talks with India’s Minister of Steel, H. D. Kumaraswamy, in New Delhi on Thursday, 16 April 2026, to strengthen cooperation between both countries following the recent signing of a $1 billion Memorandum of Understanding with Rashmi Metaliks Limited.
The development was disclosed in a press statement issued by Lizzy Okoji, Special Assistant (Media) to the Honourable Minister of Steel Development, Prince Shuaibu Abubakar Audu.
According to the statement, the meeting took place at Kumaraswamy’s parliamentary office during Prince Audu’s ongoing official visit to India. Discussions focused on deepening bilateral collaboration in the steel sector, with Nigeria positioning minerals and metals as a key driver of industrial growth under President Bola Ahmed Tinubu’s target to grow the country’s GDP to $1 trillion by 2030.
Prince Audu told his Indian counterpart that the administration’s economic progress is anchored on “deliberate efforts to deploy innovative, private sector–orientated leadership to reposition the steel sector.” He advocated enhanced collaboration in critical areas, including technical capacity building, exchange programmes, metals quality assurance, and efficient scrap aggregation systems to support Nigeria’s emerging steel industry.
The Minister noted that the strong performance of Indian companies operating in Nigeria reflects the country’s improving investment climate under the current administration. India remains one of Nigeria’s largest trading partners, with bilateral trade valued at $11.8 billion in 2023. Steel and allied products account for a significant portion, with Nigeria importing iron and steel products worth over $2.1 billion annually from India, according to data from the Indian Ministry of Commerce and Industry. Indian firms, including African Industries Group and Rashmi Metaliks, are among the most active foreign investors in Nigeria’s metals and manufacturing space.
In his response, Minister Kumaraswamy commended Prince Audu and expressed India’s readiness to deepen cooperation with Nigeria in the steel sector. He described India’s steel industry, which is the second biggest in the world after China with crude steel output of 140 million tonnes in 2025, as a reliable partner and highlighted Rashmi Group’s capacity to deliver value in a conducive environment.
Kumaraswamy added that India’s expertise in Direct Reduced Iron technology, electric-arc furnace operations and downstream fabrication could support Nigeria’s goal of achieving 10 million tonnes per annum of crude steel production by 2030. He said New Delhi would consider structured exchange programmes for Nigerian engineers and metallurgists, alongside joint standards harmonisation to ease trade in finished steel products.
The meeting was also attended by the Acting High Commissioner of Nigeria to India, Ambassador Ubong Akpan Johnny, and the Minister’s Technical Adviser, Anekwe Patrick Chinwuba.
The talks build on the MoU signed on 14 April 2026 in Kolkata between the Ministry of Steel Development and Rashmi Metaliks Group for a projected $1 billion investment in Nigeria’s steel sector over three years. The agreement covers integrated steel production, including DRI, pig iron, billets and ductile iron pipes, and forms part of broader efforts that have attracted over $2.2 billion in foreign direct investment into Nigeria’s steel industry under the Renewed Hope Agenda.
Prince Audu’s visit to India is expected to conclude with further engagements with private steel conglomerates before his return to Nigeria.
