Minister of Steel Development, Prince Shuaibu Abubakar Audu, urged foreign investments in Nigeria’s steel and metals sector at the IMARC in Sydney, emphasizing Nigeria’s potential as an investment hub within Africa. His call highlighted the government’s initiatives under President Tinubu’s Renewed Hope Agenda, showcasing the country’s vast raw material reserves and available incentives for investors, aiming to foster substantial economic growth.
The Honourable Minister for Steel Development, Prince Shuaibu Abubakar Audu, has actively encouraged foreign investment in Nigeria’s steel and metals sector during his address at the International Mining and Resources Conference (IMARC) taking place in Sydney, Australia from October 29 to October 31, 2024. He emphasized that Nigeria is a significant investment destination within Africa, underpinned by the substantial benefits provided by the current administration’s Renewed Hope Agenda led by President Bola Ahmed Tinubu GCFR. At this event, Prince Audu, accompanied by a delegation from the Ministry including Permanent Secretary Dr. Chris Osa Isokpunwu, engaged with Australian government officials and industry executives to seek funding and collaboration opportunities for developing Nigeria’s metallurgical industry. In his presentation titled “The Nigerian Metallurgical Industry: An Unfolding Frontier of Global Investment Haven,” he noted that this is the first time Nigeria has created a dedicated ministry for the steel industry, a move initiated by President Tinubu in August 2023. This ministry aims to catalyze the industrialization process of Nigeria while contributing significantly to its Gross Domestic Product (GDP). Prince Audu outlined Nigeria’s vast reserves of raw materials essential for steel production, highlighting resources such as Iron Ore, Dolomite, Coal, Limestone, and Nickel, among others. He asserted that the country’s strategic geographic position not only facilitates access to local markets but also regional opportunities throughout Africa. He underscored the importance of the current government’s initiatives, which include various incentives such as Tax Holidays, Export Expansion Grants (EEG), and zero duties on the importation of mining and steel spare parts machinery. These measures create an attractive business environment that promotes foreign investments. Moreover, he invited foreign stakeholders to explore the wealth of investment prospects present in Nigeria’s minerals and emphasized the technological advancements and infrastructure improvements that underpin this sector’s growth. Prince Audu concluded by inviting potential investors to “embark on this journey together as we explore the vast potential that lies within our earth and tap into the remarkable opportunities that await you in Nigeria.”
The context surrounding the Minister’s address stems from Nigeria’s initiative to establish a robust steel and metals sector, a key component for fostering economic growth and industrialization. The government’s formation of the Ministry of Steel Development is a strategic step towards focusing resources and efforts on developing the metallurgical industry. This move aligns with President Bola Ahmed Tinubu’s vision to stimulate economic activity and position Nigeria as a leader in Africa’s industrial landscape. The International Mining and Resources Conference serves as a platform where global leaders and stakeholders in the mining and metals space converge to discuss trends, opportunities, and partnerships, making it a fitting venue for attracting foreign investment.
In conclusion, Minister Shuaibu Abubakar Audu’s appeal at the IMARC conference underscores Nigeria’s commitment to developing a vibrant steel and metals industry through strategic government initiatives and favorable investment incentives. With its abundant raw materials, improving infrastructure, and a supportive legal framework, Nigeria stands poised to attract foreign investors, reinforcing its position as a leading investment destination in Africa. The minister’s invitation to collaborate represents a pivotal opportunity for international stakeholders to engage with Nigeria’s burgeoning metallurgical sector.
Original Source: nta.ng
