Hope Shines on Ajaokuta Steel as Tinubu secures $3bn Investment from Indian Investor
- President Bola Tinubu secured $3 billion investment deal with India to develop the steel industry
- This follows earlier emphasis on the need to resuscitate the Ajaokuta Steel
- It is believed that the move will serve as a turning point in Nigeria's industrial growth and economic development
In a bid to strengthen the nation's steel industry, President Bola Tinubu has been successful in enticing Indian investors with a historic investment pledge of $3 billion.
This is according to a statement made on Wednesday in Abuja by Abdullahi Haruna, special assistant for media and publicity to Prince Shauib Audu, the minister of steel development.
It stated that the president made the commitment at the Nigeria-India business roundtable in India.
This is coming after Shuaibu Audu, the Minister of Steel Development earlier stressed the need to resuscitate the Ajaokuta Steel Company.
Source: UGC
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Tinubu successfully attracted $3 billion investment
According to report, he claimed that the minister praised and applauded the achievement.
“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.
“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.
He said that lengthy conversations between the president and the Jindal Steel and Power Limited leadership took place on the sidelines of the G-20 Summit in New Delhi, India, before the announcement was made.
In addition to expressing his joy at the achievement, Audu said the vow was a game-changer that will revitalise and transform the country's steel industry.
He thanked Tinubu for his outstanding efforts in securing such a sizable investment for Nigeria's steel industry.
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He stated that the development represents a turning point in Nigeria's industrial growth and economic development as the nation eagerly anticipates the positive effects of this significant investment.
Meanwhile, Legit.ng had reported that Tinubu secured a total sum of $14 billion dedicated to investment pledges for Nigeria.
In a report, Legit.ng also highlighted the list of India-owned businesses which punmped $19 billion into Nigeria in four decades.
"Tinubu in India": Nigeria missing as Egypt, SA, others emerge top African countries with biggest FDI
Nigeria is conspicuously missing in the latest release of the top 10 African countries that attracted the most foreign investments in the first half of 2023, Legit.ng had reported.
Recent data shows that Africa's largest economy, which devalued its currency to woo foreign investors, is battling investor confidence due to many issues and suffers vast foreign divestments.
The country's recently elected President, Bola Tinubu, is in India to attend the G20 meeting and is expected to market Africa's largest crude oil producer to investors.
Source: Legit.ng
