By Danjuma Amodu | April 15, 2026
KOLKATA, INDIA – Nigeria’s Minister of Steel Development, Prince Shuaibu Abubakar Audu, has signed a Memorandum of Understanding (MoU) with Indian conglomerate Rashmi Metaliks Group for a $1 billion investment in Nigeria’s steel sector over the next three years, as the country’s drive to reposition the industry attracts over $2.2 billion in foreign direct investment under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
The MoU was signed on Tuesday, 14 April 2026, in Kolkata, following the Minister’s tour of Rashmi Metaliks’ steel plant. The disclosure was made by Lizzy Okoji, Special Assistant (Media) to the Minister of Steel Development.
During the plant tour, Prince Audu commended the scale of operations and advanced technology deployed at the facility, describing Rashmi Metaliks’ integrated operations — spanning Direct Reduced Iron (DRI), pig iron, billets and finished ductile iron pipes — as “a strong example of industrial efficiency and excellence in modern steel production.”
He said the MoU represents “a major milestone” in Nigeria’s efforts to reposition the steel sector, reaffirming President Tinubu’s commitment to revitalising the industry, creating employment opportunities and conserving foreign exchange through strategic import substitution.
“The efficiency of the facility underscores the importance of value addition, innovation and sustainability in modern steel production,” the Minister said. “The visit further reflects the strengthening economic ties between Nigeria and India in the areas of steel, mining and manufacturing.”
Addressing Rashmi executives, Minister Audu highlighted Nigeria’s steel potential, stating that the country is transitioning from a raw minerals exporter to a value-adding industrial economy. He disclosed that Nigeria possesses well over 3 billion tonnes of iron ore reserves, with some deposits grading as high as approximately 67 per cent iron content (Fe), while domestic steel consumption is estimated at about $10 billion annually.
“Nigeria aims to become a leading steel hub in Africa under President Bola Ahmed Tinubu’s Renewed Hope Agenda, targeting crude steel production of approximately 10 million tonnes per annum by 2030,” he said.
The Minister listed recent foreign direct investments into the sector, which now total more than $2.2 billion. These include a $400 million Stellar Steel plant in Ewekoro, Ogun State — a Chinese-Nigerian joint venture for a modern hot-rolled coil steel plant scheduled to commence operations by November 2026; and a $300 million African Industries Group (AIG) project in Gujeni, Kaduna State, where a fully integrated iron-and-steel plant is nearing completion. AIG’s galvanising and fabrication plant in Ikorodu, Lagos, was recently commissioned by the Minister. Energy infrastructure is also being developed to support industry growth. The Nigerian National Petroleum Company Limited (NNPC), the Ministry of Steel Development and their partners recently broke ground on five mini-LNG plants in Ajaokuta, Kogi State — a $500 million project aimed at boosting gas supply to the steel industry, with a combined capacity of approximately 97 million standard cubic feet per day.r
Minister Audu used the visit to invite additional Indian investors to explore opportunities within Nigeria’s steel sector. He highlighted prospects for establishing integrated steel plants, deploying Direct Reduced Iron and electric-arc furnace technologies, and developing full value chains for automotive, construction and infrastructure steel.
He assured prospective investors of government support, citing “policy stability, fiscal incentives and ongoing ease-of-doing-business reforms aimed at protecting investments.”
“We are open to credible investors willing to partner with us for mutual growth,” the Minister said.
Responding, the Vice Chairman of Rashmi Metaliks Group, Mr Sunil Kumar Patwari, thanked the Nigerian delegation for the visit to their Kolkata facilities. He said the visit reflects the priority the Nigerian Government places on the partnership and assured that, with the necessary support, “Rashmi Group is committed to delivering on the projects envisioned in the MoU.”
The Ministerial delegation was led by Prince Audu, alongside Directors from the Ministry of Steel Development and officials of the Nigerian High Commission in New Delhi, led by the Acting High Commissioner, Ambassador Ubong Akpan Johnny.
Prince Audu is also scheduled to meet his Indian counterpart, the Minister of Steel, Shri H. D. Kumaraswamy, on Thursday, 16 April 2026, to explore areas of mutual collaboration between the two countries in the steel sector before returning to Nigeria.
