Jindal Steel and Power Limited, one of India’s foremost private steel producers, has made an investment commitment to invest $3 billion in iron – ore processing and steel development in Nigeria.
India Steel firms already on the ground in Nigeria, includes African Steel Mills with operations in Lagos and Abuja; Quantum Steel Nigeria Limited; Saba Steel Industrial Nigeria Limited, including Top Steel Nigeria Limited, etc.
With an investment of 12 billion USD across the globe, Jindal Steel and Power is producing 10 .42 million metric tons of steel annually.
The company’s investment commitment for the Nigerian steel sector was made after extensive discussions between the President of Nigeria, Bola Tinubu ,and the leadership of Jindal Steel and Power Limited, during the Nigeria-India economic roundtable in India at the sidelines of the just ended G-20 Summit in New Delhi, India.
In a statement by Mr. Abdullahi Haruna, Special Assistant, Media and Publicity to Minister of Steel Development, Prince Shauib Audu, expressed his jubilation at the development.
He said that the pledge was a game-changer that would revitalise and transform the nation’s steel industry.
He appreciated Tinubu for his exceptional efforts in attracting such a substantial investment for Nigeria’s steel sector.
“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