As the Federal Government moves to attain a vibrant steel and metals sector, the Minister for Steel Development, Prince Shuaibu Abubakar Audu has called on global players in the sector to invest in the Nigerian steel sector, stating that Nigeria is a prime investment destination in Africa.
Prince Audu made the call while speaking at the ongoing International Mining and Resources Conference (IMARC) holding in Sydney, Australia. At the global event which held from October 29 to 31, 2024, the minister highlighted the benefits of investing in Nigeria under the Renewed Hope Agenda of President Bola Ahmed Tinubu.
Prince Audu, who led a team from the Ministry of Steel Development, which included the Permanent Secretary, Dr. Chris. Osa Isokpunwu and other directors, to the conference, met with top officials of the Australian government and chief executives of industry players on the sidelines to source funding for Nigeria’s Steel and Metals Sector.
A statement from the ministry, signed by the Head, Press and Public Relations, Salamatu F. Jibaniya, said the minister noted that since the creation of the ministry a year ago, a lot has been achieved in the sector, and most importantly, government has created an enabling environment with incentives for foreign investments to thrive in the country.
In his presentation which theme was, “The Nigerian Metallurgical Industry: An Unfolding Frontier of Global Investment Haven,” Prince Audu stated that the administration of President Bola Tinubu is the first in the country’s history to establish a ministry with sole focus on the steel industry, adding that in August 2023, President Bola Ahmed Tinubu established the Ministry of Steel Development to serve as a catalyst to fast-track Nigeria’s industrialisation process and significantly contribute to the Gross Domestic Product (GDP) for sustainable economic growth.
Highlighting why Nigeria is the key destination for steel investment, Prince Audu explained that Nigeria is endowed with vast raw material reserves among which are Iron Ore, Dolomite, Coal, Limestone, Manganese, Nickel, and other resources, adding that Nigeria was strategically located in Africa, thus providing access to domestic and regional market place.
Jibaniya quoted the minister as saying: “We are gathered here not only to discuss challenges and opportunities within our global marketplace but also to showcase the immense potential that Nigeria holds as a prime destination for investment.”
“As one of Africa’s largest economies, Nigeria is rich in natural resources and possesses a youthful, dynamic population eager for innovation and growth. Our strategic geographic location serves as a gateway to the vast markets of both Africa and beyond.”
“The current administration of President Bola Ahmed Tinubu which is driving a Renewed Hope Agenda in the country has created an enabling business environment and undertaken bold reforms to engender industrial growth such as: Tax Holidays, Rural Location Incentives, Export Expansion Grants (EEG) Scheme, Gas Utilization Incentives, Investment Allowances, as well as put in place zero-duty on imported mining and steel spare parts machines.”
“Investing in Nigeria is not just a possibility but a strategic choice that presents lucrative opportunities for investors and stakeholders alike. From our robust resources and advancing infrastructure to our commitment to sustainable development and technology adoption, Nigeria stands ready to be your partner in success.
“Let us embark on this journey together as we explore the vast potential that lies within our earth and tap into the remarkable opportunities that await you in Nigeria,” Minister Audu stated.
The International Mining and Resources Conference (IMARC) is Australia’s largest mining event, connecting global mining and steel sector leaders.
