As the Federal Government moves to attain a vibrant steel and metals sector, the Minister for Steel Development, Prince Shuaibu Audu, has called on global players in the sector to choose Nigeria as a prime investment destination in Africa.
Prince Audu made the call while speaking at the ongoing International Mining and Resources Conference (IMARC) holding in Sydney, Australia, from October 29 to October 31, 2024, highlighting the huge benefits of investing in Nigeria under the Renewed Hope Agenda of President Bola Ahmed Tinubu GCFR.
The Minister, who led a team from the Ministry of Steel Development, which included the Permanent Secretary, Dr. Chris. Osa Isokpunwu and other directors to the conference, is also meeting with top officials of the Australian government and chief executives of industry players on the sidelines to source funding for Nigeria’s Steel and Metals Sector.
Delivering a presentation themed “The Nigerian Metallurgical Industry: An Unfolding Frontier of Global Investment Haven,” Prince Audu stated that this was the first time in the country’s history that the government has established a ministry with a sole focus on the steel industry, noting that in August 2023, 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 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, adding that Nigeria was strategically located in Africa, thus providing access to domestic and regional market place.
“We are gathered here not only to discuss challenges and opportunities within our global marketplace but also to showcase the immense potential that Nigeria holds as a prime destination for investment. As one of Africa’s largest economies, Nigeria is rich in natural resources and possesses a youthful, dynamic population eager for innovation and growth. Our strategic geographic location serves as a gateway to the vast markets of both Africa and beyond.
“The current administration of President Bola Ahmed Tinubu GCFR which is driving a Renewed Hope Agenda in the country has created an enabling business environment and undertaken bold reforms to engender industrial growth such as: Tax Holidays, Rural Location Incentives, Export Expansion Grants (EEG) Scheme, Gas Utilization Incentives, Investment Allowances, as well as put in place zero-duty on imported mining and steel spare parts machines.
“Investing in Nigeria is not just a possibility but a strategic choice that presents lucrative opportunities for investors and stakeholders alike. From our robust resources and advancing infrastructure to our commitment to sustainable development and technology adoption, Nigeria stands ready to be your partner in success.
“Let us embark on this journey together as we explore the vast potential that lies within our earth and tap into the remarkable opportunities that awaits you in Nigeria,” Minister Audu stated.
The International Mining and Resources Conference (IMARC) is Australia’s largest mining event, connecting global mining and steel sector leaders.
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