2 hours ago
5
As the federal government moves to attain a vibrant steel and metals sector, the Minister of Steel development, Prince Shuaibu Abubakar Audu, has called on global players in the sector to choose Nigeria as a prime investment destination in Africa.
Prince Audu made the call at the ongoing International Mining and Resources Conference (IMARC) holding in Australia where he highlighted the huge benefits of investing in Nigeria under the Renewed Hope Agenda of President Bola Ahmed Tinubu.
The minister, who led a team from the ministry which included the Permanent Secretary, Dr Chris Osa Isokpunwu, and other directors to the conference, met with top officials of the Australian government and chief executives of industry players on the sidelines to source funding for Nigeria’s steel and metals sector.
Delivering a presentation on the theme, ‘The Nigerian Metallurgical Industry: An Unfolding Frontier of Global Investment Haven’, Prince Audu stated that this is the first time in the country’s history that the government has established a ministry with a sole focus on the steel industry and to serve as a catalyst to fast-track industrialisation process and significantly contribute to the Gross Domestic Product (GDP) of the country for sustainable economic growth.
He stated that since the creation of the ministry in one year, a lot has been achieved in the sector, most importantly, creating an enabling environment with incentives for foreign investments to thrive.
While highlighting why Nigeria is the key destination for steel investment, Prince Audu stated that lying underneath the nation’s soil are vast raw material reserves like iron ore, dolomite, coal, limestone, manganese, nickel and other resources.
“We are gathered here not only to discuss challenges and opportunities within our global marketplace but also to showcase the immense potential that Nigeria holds as a prime destination for investment. As one of Africa’s largest economies, Nigeria is rich in natural resources and possesses a youthful, dynamic population eager for innovation and growth. Our strategic geographic location serves as a gateway to the vast markets of both Africa and beyond.
“The current administration of President Bola Ahmed Tinubu GCFR which is driving a Renewed Hope Agenda in the country has created an enabling business environment and undertaken bold reforms to engender industrial growth such as tax holidays, rural location incentives, Export Expansion Grants (EEG) scheme, gas utilisation incentives, investment allowances, as well as zero-duty on imported mining and steel spare parts machines.
“Investing in Nigeria is not just a possibility but a strategic choice that presents lucrative opportunities for investors and stakeholders alike. From our robust resources and advancing infrastructure to our commitment to sustainable development and technology adoption, Nigeria stands ready to be your partner in success,” he stated.
