President Bola Tinubu of Nigeria has successfully secured a colossal $3 billion investment commitment from Indian investors, promising a significant boost to Nigeria’s burgeoning steel industry. The momentous announcement came during the Nigeria-India economic roundtable held in India and was confirmed by Mr. Abdullahi Haruna, Special Assistant to the Minister of Steel Development, Prince Shauib Audu.
Jindal Steel and Power Limited, a prominent private steel producer in India, pledged this substantial investment to support iron ore processing and steel development in Nigeria. The announcement followed 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.
Minister Shauib Audu expressed his elation at this development, emphasizing that this investment commitment represents a transformative moment for Nigeria’s steel industry. He commended President Tinubu for his exceptional efforts in attracting such a significant investment to bolster the nation’s steel sector.
The news of this monumental investment comes on the heels of the presidential tribunal’s confirmation of President Tinubu’s election victory. As Nigeria eagerly anticipates the positive impact of this massive investment, it marks a pivotal moment in the country’s industrial growth and economic development. The $3 billion pledge from Indian investors holds the promise of revitalizing and reshaping Nigeria’s steel industry, ushering in a new era of economic prosperity.