Prince Shuaibu Abubakar Audu, Nigeria’s Minister for Steel Development, has urged global investors to consider Nigeria as a premier investment hub in the steel and metals sector during the International Mining and Resources Conference (IMARC) in Australia. He underscored the government’s commitment to creating an enabling environment for foreign investments under the Renewed Hope Agenda of President Tinubu, emphasizing Nigeria’s rich mineral resources and strategic location as catalysts for industrial growth.
The Honourable Minister for Steel Development, Prince Shuaibu Abubakar Audu, has actively engaged foreign investors in the steel and metals sector as Nigeria showcases its potential at the International Mining and Resources Conference (IMARC) held in Sydney, Australia, from October 29 to October 31, 2024. Prince Audu elaborated on the considerable opportunities for investment in Nigeria, emphasizing that the country remains a prime investment destination in Africa under the Renewed Hope Agenda of President Bola Ahmed Tinubu GCFR. The Minister, representing the Ministry of Steel Development, conveyed a strong message about Nigeria’s abundant resources during his presentation titled, “The Nigerian Metallurgical Industry: An Unfolding Frontier of Global Investment Haven.” He noted that with the establishment of the Ministry of Steel Development in August 2023, Nigeria has made substantial progress towards fostering a conducive environment for foreign investments, highlighting the government’s strategic initiative to fast-track industrialization and contribute to the nation’s GDP. Prince Audu proudly stated that Nigeria’s geological wealth includes iron ore, dolomite, coal, limestone, manganese, and nickel, with the nation strategically positioned for access to both domestic and regional markets. He remarked on the youthful and dynamic population that is oriented towards innovation and growth, underscoring Nigeria’s status as one of Africa’s largest economies with rich natural resources. The Minister emphasized the initiatives from President Tinubu’s administration, including tax holidays, rural location incentives, export expansion grants, and zero-duty on imported mining and steel spare parts machines, designed to create an attractive investment landscape. He concluded by inviting global investors to see Nigeria not merely as a potential investment option but as a strategic ally in achieving profitable ventures in the steel industry. IMARC stands as Australia’s premier mining event, connecting leaders from across the global mining and steel sectors, and Nigeria’s participation signals its commitment to attracting foreign investments and collaborating on sustainable development. In conclusion, Minister Audu’s participation at the IMARC conference serves as a notable platform for promoting Nigeria’s rich mineral resources, favorable investment policies, and the current government’s commitment to economic growth through industrial development, positioning Nigeria as a leading investment hub in Africa.
The Ministry of Steel Development was established in Nigeria in August 2023 under the leadership of President Bola Ahmed Tinubu, reflecting the government’s commitment to strengthening the steel and metallurgy industry as crucial components of the nation’s economic strategy. The International Mining and Resources Conference (IMARC) is a significant event in the mining sector, where industry leaders converge to discuss advancements, challenges, and investments in mining and metallurgy globally. With a focus on international partnerships, Nigeria aims to attract foreign capital to enhance its industrial capabilities in steel production and utilization of its vast mineral resources. This sector is vital for Nigeria’s economic diversification, aiming to reduce dependence on oil and foster sustainable economic growth.
The Honourable Minister Prince Shuaibu Abubakar Audu’s efforts at the IMARC conference underscore Nigeria’s potential as a primary investment destination within Africa’s metals and minerals sector. By attracting foreign investment and utilizing abundant natural resources, Nigeria seeks to establish a robust steel industry that contributes significantly to economic growth. With a supportive government determined to foster industrial progress through various incentives and reforms, Nigeria stands poised to become a pivotal player in the global mining and steel markets, offering lucrative opportunities for international stakeholders.
Original Source: nta.ng
