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Africa Housing News > Blog > News > $3bn Steel Investment Secured by President Tinubu
$3bn steel investment Secured by President Tinubu
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$3bn Steel Investment Secured by President Tinubu

By Author
Last updated: 2023/09/08 at 8:04 AM
By Author Published September 8, 2023
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$3bn steel investment Secured by President Tinubu
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President Bola Ahmed Tinubu has successfully attracted a monumental 3 billion US dollars investment pledge from Indian investors to boost the steel industry in the country.

This is according to a statement by Mr Abdullahi Haruna, Special Assistant, Media and Publicity, to Minister of Steel Development, Prince Shauib Audu, in Abuja on Wednesday,

The president made the commitment during the Nigeria-India economic roundtable 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.

READ ALSO: Wike strongly criticizes the misuse of contract variations after discovering N50bn to N200bn case

“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 expressed his jubilation at the development, adding 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.

“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.

READ ALSO: Minister Dangiwa Emerges Chairperson of Shelter Afrique AGM Bureau as Institution Undergoes Restructuring

READ ALSO: Ajaokuta: Steel plant solution to frequent building collapse – Ohere

SOURCE: Vanguardng

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By Author September 8, 2023 September 8, 2023
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