BREAKING: FG Seals Fresh $1bn India Steel Deal

The Federal Government has secured a fresh $1bn steel investment commitment as part of efforts to accelerate industrialisation, with total foreign direct investment in the steel sector rising above $2.2bn under President Bola Tinubu’s economic reform agenda.

The latest deal was sealed on Tuesday in Kolkata, India, where the Minister of Steel Development, Prince Shuaibu Audu, signed a Memorandum of Understanding with the Rashmi Metaliks Group for a projected three-year investment valued at $1bn.

The agreement followed a facility tour of the company’s integrated steel plant, where the Nigerian delegation inspected operations spanning Direct Reduced Iron, pig iron, billets, and ductile iron pipe production.

A statement by the ministry’s Head of Press and Public Relations, Salamatu Jibaniya, confirmed the development, describing it as a key milestone in Nigeria’s industrial expansion drive.

The statement read, “The Minister of Steel Development, Prince Shuaibu Abubakar Audu, in a landmark investment drive, signed a Memorandum of Understanding with the Indian conglomerate, Rashmi Metaliks Group, on Tuesday, 14 April 2026, in Kolkata, India, for a projected investment of $1bn over a three-year period.

This followed the Minister’s tour of the Rashmi Metaliks Steel Plant in Kolkata, where he commended the scale of the operations and advanced technology deployed at the facility.

He also lauded the company’s integrated operations, spanning Direct Reduced Iron, pig iron, billets and finished ductile iron pipes, describing them as a strong example of industrial efficiency and excellence in modern steel production.”Tap To Learn, More. .