At the International Mining and Resources Conference (IMARC) in Sydney, Australia, Nigeria’s Minister of Steel Development, Prince Shuaibu Abubakar Audu, has made a compelling case for foreign investment in Nigeria’s steel and metals industry, presenting the country as Africa’s prime investment destination for the sector. The conference, which spans from October 29 to October 31, 2024, has provided a platform for Nigeria to showcase its resources and the government’s recent efforts to attract foreign investors.
Representing Nigeria’s Federal Ministry of Steel Development, Prince Audu was accompanied by a high-level delegation, including Permanent Secretary Dr. Chris Osa Isokpunwu and other key directors. In addition to addressing the conference attendees, the minister engaged in discussions with Australian government officials and industry leaders to explore potential funding and partnerships for Nigeria’s steel sector.
In his presentation, titled “The Nigerian Metallurgical Industry: An Unfolding Frontier of Global Investment Haven,” Prince Audu emphasized Nigeria’s strides under the “Renewed Hope Agenda” championed by President Bola Ahmed Tinubu. He highlighted the unprecedented establishment of the Ministry of Steel Development, created in August 2023, to focus solely on advancing the steel industry, which is expected to drive industrialization and significantly boost Nigeria’s GDP.
“This government, in just over a year since the ministry’s creation, has made significant strides to foster an environment that is not only conducive to foreign investment but also highly advantageous,” stated Prince Audu, pointing to Nigeria’s vast natural reserves of iron ore, dolomite, coal, limestone, manganese, and nickel. “Nigeria’s strategic position in Africa offers investors access to both domestic and broader regional markets.”
Prince Audu detailed a range of incentives available to foreign investors, such as tax holidays, rural location incentives, Export Expansion Grants (EEG) Schemes, gas utilization incentives, and zero-duty on imported mining and steel equipment. These measures, he noted, demonstrate the government’s commitment to fostering a welcoming business climate for investors.
“We are here to address challenges and discuss opportunities within the global market, but more importantly, to showcase Nigeria’s immense potential,” Prince Audu explained. “With one of Africa’s largest economies, abundant natural resources, and a youthful population ready for innovation, Nigeria is uniquely positioned as a gateway to major African and international markets.”
He underscored Nigeria’s robust resources, growing infrastructure, and commitment to sustainable development and technology, asserting that investing in Nigeria’s steel sector is not only viable but strategically profitable. “Together, we can explore and capitalize on the untapped opportunities within Nigeria,” he concluded, inviting global stakeholders to partner with Nigeria in advancing the steel industry.
IMARC, Australia’s largest mining event, is a major gathering for global leaders in mining and steel, offering a crucial platform for international partnerships and advancements in the industry. Through Nigeria’s participation, the government seeks to open new avenues for economic growth, anchored in a steel industry that can catalyze sustainable development and job creation across the country.
