[SMM Steel] Nigeria signs $1bn steel investment MoU with Rashmi Group

Published: Apr 16, 2026 18:31

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[SMM Steel] Nigeria signed a $1 billion MoU with Rashmi Metaliks Group to develop its steel sector over the next three years. The project aims to build integrated capacity (DRI, pig iron, billets, finished products) and support Nigeria’s target of 10 million mt crude steel capacity by 2030. In the short term, the deal signals growing investment momentum in African steel, though immediate supply impact remains limited before project execution.

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