President Bola Tinubu has secured a significant investment deal of $3 billion with Indian investors. This groundbreaking development was unveiled during the Nigeria-India economic roundtable held in India.

Mr. Abdullahi Haruna, the Special Assistant to the Minister of Steel Development, officially announced this event in Abuja. 

He elaborated on the achievement: “In a historic move with the potential to strengthen Nigeria’s steel industry, President Tinubu has successfully attracted a monumental $3 billion investment commitment from Indian investors. The Minister of Steel Development warmly commended this achievement.”

Jindal Steel and Power Limited, a prominent private steel producer in India, emerged as the key player behind this substantial investment. They have pledged to invest $3 billion in iron ore processing and steel development within Nigeria. 

This announcement emerged following extensive deliberations between President Tinubu and the leadership of Jindal Steel and Power Limited during the sidelines of the G-20 Summit held in New Delhi, India.

Minister Shauib Audu expressed his jubilation at this development, emphasizing that this commitment is a game-changer poised to reinvigorate and transform Nigeria’s steel industry. 

He also expressed his deep appreciation for President Tinubu’s exceptional efforts in attracting this substantial investment to Nigeria’s steel sector.

Audu remarked, “Furthermore, this announcement coincides with the presidential tribunal’s confirmation of the president’s election. As the nation eagerly anticipates the positive impacts of this substantial investment, it signifies a pivotal moment in Nigeria’s industrial growth and economic development.”