Nigeria’s President secures $3 Billion Steel sector investment for economic devt

By Palma Ileye

In a historic move that promises to bolster Nigeria’s steel industry, President Bola Ahmed Tinubu has successfully attracted a monumental $3 billion investment pledge from Indian investors during the Nigeria-India economic roundtable in India.

This was disclosed in a press release issued yesterday by Abdullahi Haruna,
SA Media & Publicity to the Minister of Steel Development.

According to the statement, this achievement was met with applause and commendation from the Minister of Steel Development, Prince Shuaibu Abubakar Audu.

It stated that 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 President Tinubu and the leadership of Jindal Steel and Power Limited on the sidelines of the G-20 Summit in New Delhi, India.

Also, Audu expressed his jubilation at this landmark development, hailing President Tinubu for his exceptional efforts in attracting such a substantial investment for Nigeria’s steel sector.

This significant investment pledge the statement revealed was seen as a game-changer that promises to revitalize and transform the nation’s steel industry.

Furthermore, this news comes on a day when the Presidential Tribunal upheld the elections of President Tinubu, adding an extra layer of significance to this achievement.

Noting that, 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.