The Federal Government has signed a memorandum of understanding with Rashmi Metaliks Group for a one billion dollar investment in Nigeria’s steel sector over three years.
The agreement was signed in Kolkata, India, by the Minister of Steel Development, Shuaibu Audu, during an official visit to the company’s facility, according to a statement issued on Tuesday.
Mr Audu said the deal is aimed at repositioning the steel industry, boosting industrial growth, creating jobs, and reducing reliance on imports, noting that Nigeria has attracted over 2.2 billion dollars in foreign direct investment and holds more than three billion tonnes of high-grade iron ore.
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The company’s vice chairman, Sunil Patwari, welcomed the partnership and called for support to implement the projects, as the minister is also expected to meet India’s steel minister, Shri Kumaraswamy, for further talks.
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