Minister of Steel Development Calls for Foreign Investment in Nigeria’s Steel Sector at IMARC 2024

At the International Mining and Resources Conference in Sydney, Minister of Steel Development, Prince Shuaibu Abubakar Audu, urged foreign investors to consider Nigeria as an investment hub for the steel and metals sector. He highlighted the country’s abundant natural resources, strategic location, and government incentives aimed at fostering growth and facilitating foreign investment under President Bola Ahmed Tinubu’s Renewed Hope Agenda.

In a determined effort to bolster Nigeria’s steel and metals sector, the Honourable Minister for Steel Development, Prince Shuaibu Abubakar Audu, has actively sought the interest of global investors during the International Mining and Resources Conference (IMARC) held in Sydney, Australia, from October 29 to October 31, 2024. The Minister emphasized Nigeria’s status as the prime investment destination in Africa while highlighting opportunities presented under the Renewed Hope Agenda spearheaded by President Bola Ahmed Tinubu, GCFR. During his engagements, Minister Audu, accompanied by key personnel from his ministry including Permanent Secretary Dr. Chris Osa Isokpunwu, outlined Nigeria’s substantial raw material reserves—such as iron ore, dolomite, coal, and limestone—and stressed the country’s favorable geographical position that offers access to both domestic and regional markets. This conference symbolizes a pivotal moment, marking the first time in Nigeria’s history that a dedicated ministry has been established to focus on steel development, which was initiated in August 2023. In his presentation titled “The Nigerian Metallurgical Industry: An Unfolding Frontier of Global Investment Haven,” the Honourable Minister detailed the significant achievements made within a year of the ministry’s establishment. He underscored the government’s commitment to creating a conducive environment for foreign investment through various incentives including tax holidays and zero duties on imported steel machinery. Minister Audu asserted that Nigeria not only harbors abundant natural resources but also possesses a youthful, innovative workforce that is eager for development. The Minister stated, “Investing in Nigeria is not just a possibility but a strategic choice that presents lucrative opportunities for investors and stakeholders alike.” This pivotal conference served to connect global leaders in the mining and steel sectors, positioning Nigeria as an attractive partner in industrial growth and sustainable development.

The International Mining and Resources Conference (IMARC) is recognized as Australia’s foremost gathering for leaders in the mining and steel sectors, providing a platform to discuss global challenges and opportunities. Nigeria’s participation comes at a critical time as the country seeks to enhance its industrial capabilities and attract international investment into its steel and metal sector, a goal underscored by the establishment of the Ministry of Steel Development aimed at supporting sustainable economic growth through modernization and infrastructure development.

Minister Shuaibu Abubakar Audu’s advocacy at IMARC articulates Nigeria’s ambition to be seen as a major player in the steel and metals industry. By leveraging its rich natural resources and strategic location, the country aims to foster a thriving investment landscape. The government’s proactive measures to attract investment not only promise economic benefits but also signify Nigeria’s commitment to becoming an industrial hub within Africa.

Original Source: nta.ng