As the Federal Government works towards building a vibrant steel and metals sector, Prince Shuaibu Audu, the Minister for Steel Development, is calling on global investors to choose Nigeria as their prime destination in Africa.
Audu made this appeal at the International Mining and Resources Conference (IMARC) in Sydney, Australia, from October 29 to 31, 2024, where he emphasized the significant benefits of investing in Nigeria under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Leading a delegation from the Ministry of Steel Development, including Permanent Secretary Dr. Chris Osa Isokpunwu and other directors, Audu is also engaging with Australian government officials and industry leaders to secure funding for Nigeria’s steel and metals sector.
In his presentation titled “The Nigerian Metallurgical Industry: An Unfolding Frontier of Global Investment Haven,” Audu highlighted that this is the first time Nigeria has established a ministry focused solely on the steel industry. Created in August 2023, the Ministry of Steel Development aims to accelerate Nigeria’s industrialization and significantly boost the country’s GDP for sustainable economic growth.
Audu pointed out the ministry’s achievements in just one year, particularly in creating an enabling environment for foreign investment.
He outlined Nigeria’s vast raw material reserves, including iron ore, dolomite, coal, limestone, manganese, and nickel, and stressed the country’s strategic location in Africa, which provides access to both domestic and regional markets.
“We are here to discuss not only the challenges and opportunities in our global marketplace but also to showcase Nigeria’s immense potential as an investment hub. As one of Africa’s largest economies, Nigeria is rich in natural resources and has a youthful, dynamic population ready for innovation and growth. Our strategic location serves as a gateway to extensive markets across Africa and beyond.
“The current administration, led by President Tinubu, is driving a Renewed Hope Agenda that fosters a business-friendly environment and implements bold reforms to promote industrial growth. These include tax holidays, rural location incentives, export expansion grants, gas utilization incentives, investment allowances, and zero-duty on imported mining and steel spare parts.
“Investing in Nigeria is not just a possibility; it’s a strategic choice that offers lucrative opportunities for investors and stakeholders. With our abundant resources, improving infrastructure, and commitment to sustainable development and technology, Nigeria is ready to be your partner in success.
“Let’s embark on this journey together to explore the vast potential within our country and tap into the remarkable opportunities that await you here,” Minister Audu stated.
The IMARC is Australia’s largest mining event, connecting leaders from the global mining and steel sectors.