The Minister of Steel Development, Prince Shuaibu Abubakar Audu, participated in the IMARC conference in Sydney, Australia, where he encouraged foreign investment in Nigeria’s steel sector. He highlighted the country’s vast resources, strategic location, and government incentives under President Tinubu’s agenda, asserting Nigeria’s position as a leading investment destination in Africa.
The Honourable Minister for Steel Development, Prince Shuaibu Abubakar Audu, has actively sought foreign investment in Nigeria’s steel and metals sector while participating in the International Mining and Resources Conference (IMARC) in Sydney, Australia, held from October 29 to October 31, 2024. During his address, he emphasized that Nigeria is a premier investment destination in Africa, citing the significant opportunities available under the Renewed Hope Agenda of President Bola Ahmed Tinubu GCFR. Minister Audu, joined by a delegation from the Ministry—including Permanent Secretary Dr. Chris Osa Isokpunwu and other key directors—engaged with Australian government officials and industry leaders to secure funding for the development of Nigeria’s steel and metals sector. In his presentation, titled “The Nigerian Metallurgical Industry: An Unfolding Frontier of Global Investment Haven,” he underscored the historic establishment of a dedicated ministry for steel in Nigeria, initiated by President Tinubu in August 2023. This ministry aims to catalyze industrial growth and substantially contribute to the nation’s Gross Domestic Product (GDP). In discussing Nigeria’s attractiveness for investment, Minister Audu highlighted the country’s vast natural resource reserves, including Iron Ore, Dolomite, Coal, Limestone, and Manganese, as well as its strategic geographic position, which provides access to key domestic and regional markets. He remarked that with a youthful and dynamic population eager for innovation, coupled with the current government’s reforms—such as tax incentives, grants, and zero-duty on imported mining machinery—Nigeria offers a fertile environment for investment. Minister Audu concluded his address by inviting investors to collaborate in capitalizing on the abundant opportunities within Nigeria’s steel industry, stating, “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 await you in Nigeria.” The IMARC serves as Australia’s premier mining event, drawing leaders from the global mining and steel sectors.
The focus of this announcement lies in Nigeria’s strategic push to bolster its steel and metals sector amidst a global landscape where mining and resources are critical for industrial growth. The establishment of the Ministry of Steel Development in Nigeria marks a significant governmental effort to streamline and prioritize industrial activities related to steel, which is essential for the nation’s economic development. As Nigeria looks to foreign investors, the government’s initiatives under President Bola Ahmed Tinubu’s administration aim to create an attractive business environment that encourages investment through targeted incentives and support systems. Previous investment endeavors have faced challenges, making this concerted effort particularly significant for achieving sustainable growth in one of Africa’s largest economies.
In conclusion, Minister Shuaibu Abubakar Audu’s engagement at the IMARC illustrates Nigeria’s commitment to becoming a leading destination for steel and metals investment in Africa. By leveraging its abundant natural resources, favorable investment incentives, and supportive government policies, Nigeria positions itself as a promising hub for industrial development. The Minister’s appeal for collaboration underscores the potential benefits for both domestic and foreign stakeholders, aiming for a mutually beneficial partnership that propels Nigeria’s steel sector forward.
Original Source: nta.ng
