Abuja: The Minister of Steel Development, Prince Shuaibu Audu, has called for collaboration with industry stakeholders to build a world-class steel industry that could serve as a catalyst for Africa’s industrial future. Audu made the call at a panel session at the fifth edition of the African Natural Resources and Energy Investment Summit (AFNIS), themed ‘One Africa, One Resource Vision,’ on Wednesday in Abuja. He urged investors, development partners, manufacturers, and industry leaders to leverage Nigeria’s fiscal incentives and other opportunities such as tax holidays and exemptions from import duties on some machinery for mining and steel operations.
According to News Agency of Nigeria, Audu emphasized the immense opportunities available in Nigeria’s steel sector for investors and strategic partners willing to participate in this transformative journey. He stressed Nigeria’s readiness to welcome investors, promote business growth, and strengthen strategic partnerships. Nigeria’s steel sector is actively engaging global investors, financial institutions, technical partners, and industry operators in its transformation drive.
The minister outlined significant investment opportunities in iron ore mining, beneficiation, pelletisation plants, steel rolling mills, fabrication industries, logistics infrastructure, energy integration, and industrial parks. He assured that the Federal Government remains committed to ensuring policy consistency, investor protection, transparency, and ease of doing business to support industrial growth.
He further noted that Africa’s industrial future cannot be achieved in isolation, citing the African Continental Free Trade Area (AfCFTA) as a historic opportunity for regional manufacturing integration, cross-border investments, and expansion of intra-African trade. Nigeria is ready to collaborate with other African nations to build a competitive continental steel and manufacturing ecosystem capable of driving economic prosperity.
The ministry is pursuing strategic initiatives aimed at repositioning Nigeria’s steel industry as a major driver of economic diversification and industrial development. Audu mentioned that Nigeria is prioritizing the revitalization of legacy steel assets such as Ajaokuta Steel Company Limited (ASCL), the National Iron Ore Mining Company (NIOMCO), and the Aluminium Smelter Company of Nigeria (ALSCON). The ministry is also promoting local value addition, backward integration, developing industrial and manufacturing clusters, and strengthening mining-to-metals linkages.
The minister described the theme of this year’s summit as both timely and visionary, reflecting the urgent need for African nations to move beyond the export of raw materials towards industrialization, value addition, regional integration, and sustainable economic transformation.