President Bola Ahmed Tinubu has secured a substantial investment pledge of 3 billion US dollars from Indian investors to bolster the steel industry in the country.
As stated in a release by Mr. Abdullahi Haruna, Special Assistant for Media and Publicity to the Minister of Steel Development, Prince Shauib Audu, in Abuja on Wednesday,
The president made the pledge during the Nigeria-India economic summit in India.
“In a historic move that promises to bolster Nigeria’s steel industry, President Tinubu has successfully attracted a monumental $3 billion investment pledge from Indian investors.”
“This achievement was met with applause and commendation from the minister.”
“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 the president and the leadership of Jindal Steel and Power Limited on the sidelines of the G-20 Summit in New Delhi, India,” he said.
Audu was overjoyed by the development, calling the pledge a “game-changer” that would “revitalize and transform” the nation’s steel industry.
He expressed gratitude to Tinubu for his outstanding endeavors in drawing such a significant investment into Nigeria’s steel industry.
“Furthermore, this news comes on a day when the presidential tribunal upheld the election of the president.”
“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,” he said.