Sydney: Nigeria’s Minister of Steel Development, Prince Shuaibu Abubakar-Audu, has called on global stakeholders in the steel sector to consider Nigeria as a premier investment destination in Africa. The announcement was made during the International Mining and Resources Conference (IMARC) held in Sydney, Australia, from October 29 to October 31, 2024.
According to Voice of Nigeria, Prince Audu’s participation at the conference highlighted the substantial benefits of investing in Nigeria under the Renewed Hope Agenda of President Bola Ahmed Tinubu. Leading a team from the Ministry of Steel Development, which included Permanent Secretary Dr. Chris. Osa Isokpunwu and other directors, Prince Audu engaged 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,” Prince Audu emphasized that Nigeria has, for the first time, inaugurated a min
istry dedicated solely to the steel industry. This strategic move by President Tinubu in August 2023 aims to accelerate Nigeria’s industrialization and contribute significantly to the country’s GDP, fostering sustainable economic growth.
Prince Audu highlighted the achievements of the Ministry within just one year of its establishment, noting the creation of an enabling environment with incentives for foreign investments. He pointed out Nigeria’s rich reserves of raw materials such as Iron Ore, Dolomite, Coal, Limestone, Manganese, and Nickel, making the country a key destination for steel investment. Furthermore, Nigeria’s strategic location offers access to both domestic and regional markets.
The Minister underscored Nigeria’s position as one of Africa’s largest economies, endowed with abundant natural resources and a youthful, dynamic population. The country’s geographic location serves as a gateway to vast markets across Africa and beyond. Under President Tinubu’s Renewed Hope Agenda, the government has
implemented bold reforms to foster industrial growth, including tax holidays, rural location incentives, export expansion grants, and zero-duty on imported mining and steel spare parts.
Prince Audu stressed that investing in Nigeria is a strategic choice offering lucrative opportunities for investors. He invited global investors to explore the vast potential within Nigeria’s resources and infrastructure, emphasizing the country’s commitment to sustainable development and technology adoption. He urged stakeholders to embark on this journey to unlock the remarkable opportunities that Nigeria presents.
The International Mining and Resources Conference (IMARC) is recognized as Australia’s largest mining event, bringing together leaders from the global mining and steel sectors.