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Prince Shuaibu Abubakar Audu
ABUJA – As Nigeria advances its steel and metals sector, the Honourable Minister for Steel Development, Prince Shuaibu Abubakar Audu, has urged global industry leaders to consider Nigeria as a prime investment hub in Africa.
Prince Audu delivered this message during the International Mining and Resources Conference (IMARC) held in Sydney, from October 29 to October 31, 2024, emphasizing the opportunities within Nigeria’s steel sector under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Leading a delegation that included the Permanent Secretary, Dr. Chris Osa Isokpunwu, and other officials from the Ministry of Steel Development, Prince Audu also engaged with Australian government representatives and top executives to seek investment partnerships and funding for Nigeria’s emerging steel industry.
In his presentation titled “The Nigerian Metallurgical Industry: An Unfolding Frontier of Global Investment Haven,” Prince Audu noted the significance of President Tinubu’s establishment of a dedicated Ministry of Steel Development in August 2023.
He emphasized that this milestone marks a pivotal effort to accelerate Nigeria’s industrialization and contribute to the country’s Gross Domestic Product (GDP) through sustainable growth.
A statement signed by Mrs. Salamatu F. Jibaniya, Head of Press and Public Relations, highlighted the Ministry’s progress within its first year, focusing on creating a conducive environment for foreign investment. Prince Audu cited Nigeria’s rich reserves of iron ore, coal, limestone, and other minerals, along with its strategic location, as a gateway to both domestic and regional markets in Africa.
“Gathered here, we are not just addressing the challenges and opportunities within our global marketplace but showcasing Nigeria as an exceptional investment destination,” Audu stated. “As one of Africa’s largest economies, Nigeria is endowed with natural resources and a youthful, dynamic population ready to drive innovation and growth. Our location provides a strategic entry point to Africa’s vast markets and beyond.”
Prince Audu further highlighted incentives available to investors under President Tinubu’s administration, including tax holidays, rural location incentives, export expansion grants, gas utilization incentives, and zero-duty on imported mining and steel machinery.
“Investing in Nigeria is not merely an option but a strategic choice offering lucrative opportunities. With our substantial resources, infrastructure advancements, and commitment to sustainability, Nigeria is ready to be your partner in success,” he added.
The International Mining and Resources Conference (IMARC), Australia’s largest mining event, serves as a networking platform for global leaders in mining and steel to explore international partnerships and investment opportunities.
Through this engagement, Nigeria is positioning itself to attract significant foreign investment, driving industrial growth and economic transformation in the steel sector.
