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Nigeria’s steel sector set for revival as President Tinubu attracts $3 billion investment from India.

Nigeria’s Minister of Minister of Steel Development, Prince Shauib Audu stated that the $3 billion in Steel Investments that President Tinubu gained from the Nigeria-India economic roundtable in India would revitalize Nigeria’s Steel industry.

The Minister disclosed this in a statement through Mr Abdullahi Haruna, his Special Assistant, Media and Publicity in Abuja on Wednesday.

Nairametrics reported that President Tinubu had commended Indian investors for significant investment pledges amounting to nearly $14 billion committed during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India.

Revitalisation

The Minister stated that President Bola Tinubu successfully attracted a 3 billion U.S. dollar investment pledge from Indian investors, to boost the industry in the country he called a historic move to kickstart development in Nigeria’s steel sector which has had its mountain of challenges over the years, he said:

  • “In a historic move that promises to bolster Nigeria’s steel industry, President Tinubu has successfully attracted a monumental $3 billion investment pledge from Indian investors.
  • “This achievement was met with applause and commendation from the minister.
  • “Jindal Steel and Power Limited, one of India’s foremost private steel producers, made this momentous commitment to invest $3 billion in iron ore processing and steel development in Nigeria.
  • “The announcement came after extensive discussions between the president and the leadership of Jindal Steel and Power Limited on the sidelines of the G-20 Summit in New Delhi, India,”

The Minister revealed he is excited about the development, adding that the pledge was a game-changer that would revitalize and transform the nation’s steel industry, praising Tinubu for his exceptional efforts in attracting such a substantial investment for Nigeria’s steel sector, he added:

  • “Furthermore, this news comes on a day when the presidential tribunal upheld the election of the president.
  • “As the country eagerly anticipates the positive impact of this massive investment, it marks a pivotal moment in Nigeria’s industrial growth and economic development,”

Nairametrics reported the President secured billion-dollar investments during his current visit to India. Tinubu commended Indian investors for significant investment pledges amounting to nearly $14 billion committed during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India.

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While addressing investors, Tinubu said:

  • “We are ready to give you the best returns for investment possible, there is nowhere else like our country. Nigeria offers the best returns for investment today, so invest now.”

According to the report, the President has successfully attracted numerous new investments, including a substantial commitment from Indorama Petrochemical Limited.

The company has pledged an impressive $8 billion for the expansion of its fertilizer production and petrochemical facility in Eleme, Rivers State.

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Furthermore, Jindal Steel and Power Limited, a prominent private steel producer in India, has committed to investing a substantial $3 billion in Nigeria, following productive discussions with President Tinubu.

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