Nigeria is a prime investment destination in Africa, particularly as the Federal Government works to build a robust steel and metals sector. Minister for Steel Development, Prince Shuaibu Abubakar Audu, urged global industry players to consider Nigeria for investment, emphasising its potential while speaking at the International Mining and Resources Conference (IMARC) in Sydney, Australia, from October 29 to October 31, 2024. He highlighted the substantial benefits of investing in Nigeria under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Leading a delegation from the Ministry of Steel Development, which included the Permanent Secretary, Dr. Chris Osa Isokpunwu, and other directors, Prince Audu is also engaging with Australian government officials and key industry leaders to secure funding for Nigeria’s steel and metals sector. In his presentation, “The Nigerian Metallurgical Industry: An Unfolding Frontier of Global Investment Haven,” Prince Audu emphasised that Nigeria now has, for the first time, a dedicated ministry for steel development, a step taken by President Tinubu in August 2023 to accelerate Nigeria’s industrialisation and drive sustainable economic growth.
Since its inception, the Ministry has made significant strides in the sector, particularly in fostering an investment-friendly environment with incentives for foreign investors. Prince Audu pointed out that Nigeria possesses extensive reserves of essential raw materials such as Iron Ore, Dolomite, Coal, Limestone, Manganese, and Nickel, making it an ideal location for steel investment. President Bola Ahmed Tinubu GCFR 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) of the country for sustainable economic growth. The Honourable Minister stated that since the creation of the Ministry in just one year, a lot has been achieved in the sector, and most importantly, creating an enabling environment with incentives for foreign investments to thrive in the country. Highlighting why Nigeria is the key destination for steel investment, Prince Audu stated that lying underneath the nation’s soil are vast raw material reserves: Iron Ore, Dolomite, Coal, Limestone, Manganese, Nickel, and other resources.
