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FG Secures $3 Billion Steel Sector Investment from Indian firm

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By Victoria Onehi

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

A statement signed by the SA Media & Publicity to Minister of Steel Development, Abdullahi O. Haruna, disclosed that Jindal Steel and Power Limited, one of India’s foremost private steel producers, made this 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.

The Minister of Steel Development, Prince Shuaibu Abubakar Audu expressed gladness 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 is seen as a game-changer that promises to revitalize and transform the nation’s steel industry.

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.

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