The Federal Government has secured a fresh $1 billion investment commitment in Nigeria’s steel sector as part of ongoing efforts to accelerate industrialisation and reduce reliance on imports, Peak Newspaper reports
The development is expected to push total foreign direct investment (FDI) in the steel industry to over $2.2 billion under the economic reform agenda of President Bola Ahmed Tinubu.
According to reports, the investment deal was reached during high-level engagements with foreign investors, with the government positioning the steel sector as a critical driver of economic diversification and infrastructure development.
Officials noted that the renewed inflow of capital into the sector aligns with broader reforms aimed at boosting local production capacity, creating jobs and strengthening Nigeria’s industrial base.
The administration has consistently emphasised the importance of revitalising the steel industry, which is seen as central to reducing the country’s heavy dependence on imported steel and improving foreign exchange stability.
The investment is also expected to support downstream industries, including construction, manufacturing and energy, while enhancing Nigeria’s competitiveness in regional and global markets.
