Mkpoikana Udoma
Port Harcourt — The Minister of Steel Development, Prince Shuaibu Abubakar Audu, has called on global players in the steel and metals sector to invest in Nigeria, citing the country’s vast natural resources, strategic location, and business-friendly environment.
Speaking at the International Mining and Resources Conference, IMARC, in Sydney, Australia, Audu emphasized the immense potential of Nigeria’s steel and metals sector, citing the country’s rich deposits of iron ore, dolomite, coal, limestone, manganese, nickel, and other essential minerals.
The Minister also highlighted the current administration’s efforts to create an enabling business environment, including tax holidays, rural location incentives, export expansion grants, and investment allowances.
Additionally, he announced that the government has eliminated duties on imported mining and steel spare parts machines, further reducing costs for investors.
He said, “Nigeria is endowed with vast raw material reserves, making it an attractive destination for investors in the steel and metals sector. Our strategic geographic location provides access to domestic and regional markets, offering a unique opportunity for investors to tap into the vast African market.
“The current administration of President Bola Ahmed Tinubu has created an enabling business environment and undertaken bold reforms to engender industrial growth.
“We are committed to sustainable development, technology adoption, and robust resources, making Nigeria an ideal destination for investors seeking lucrative opportunities.”
Prince Audu’s presentation, titled “The Nigerian Metallurgical Industry: An Unfolding Frontier of Global Investment Haven,” showcased the Ministry’s achievements since its establishment in August 2023.
He emphasized that this was the first time in Nigeria’s history that a ministry had been dedicated solely to the steel industry.
The Minister further maintained that Nigeria was open for business, adding that the steel and metals sector offers unparalleled opportunities for foreign investors.
“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,” Prince Audu urged.
The International Mining and Resources Conference, IMARC, is Australia’s largest mining event, connecting global mining and steel sector leaders.
