…says Nigeria Remains Prime Investment Destination in Africa
As part of efforts to establish a vibrant steel and metals sector, Nigeria’s Minister of Steel Development, Prince Shuaibu Audu has urged global industry leaders to consider Nigeria as a premier investment destination in Africa.
Audu made this appeal at the ongoing International Mining and Resources Conference (IMARC) in Sydney, Australia, held from October 29 to October 31, 2024. He emphasised the significant advantages of investing in Nigeria under President Bola Tinubu’s ‘Renewed Hope’ agenda.
Leading a team from the Ministry of Steel Development, including its permanent secretary, Dr. Chris Isokpunwu and other key officials, the minister is meeting with Australian government representatives and top executives to secure investment for Nigeria’s steel and metals sector.
During his presentation titled, “The Nigerian Metallurgical Industry: An Unfolding Frontier of Global Investment Haven,” Audu highlighted that for the first time, Nigeria has established a ministry solely dedicated to steel development. He noted that in August 2023, President Bola Tinubu, GCFR, created the Ministry of Steel Development to accelerate industrialisation and significantly boost the country’s GDP for sustainable economic growth.
The minister pointed out that, in just one year, the ministry has achieved considerable progress, including creating an investor-friendly environment with incentives designed to attract foreign investment to Nigeria.
Explaining why Nigeria is an ideal destination for steel investment, Audu cited the country’s vast natural resources, such as iron ore, dolomite, coal, limestone, manganese and nickel, as well as its strategic location within Africa, providing easy access to domestic and regional markets.
“We are here to discuss global challenges and opportunities while showcasing Nigeria’s immense potential as a prime investment destination. As one of Africa’s largest economies, Nigeria is resource-rich, with a youthful and innovative population. Our geographic position serves as a gateway to markets across Africa and beyond.
“President Bola Tinubu’s administration, through the ‘Renewed Hope’ agenda, has fostered a conducive business environment with impactful reforms such as tax holidays, rural location incentives, export expansion grants, gas utilisation incentives and zero-duty policies on imported mining and steel spare parts.
“Investing in Nigeria is a strategic choice offering lucrative opportunities for investors and stakeholders. With our abundant resources, advancing infrastructure and commitment to sustainable development, Nigeria is poised to be a reliable partner in success.
“Let us journey together to explore Nigeria’s vast potential and uncover remarkable opportunities awaiting investors,” Audu said.
According to a statement by the head of press and public relations, Salamatu Jibaniya the International Mining and Resources Conference (IMARC) is Australia’s largest mining event, bringing together global mining and steel industry leaders.
