Nigeria Seeks Partnerships to Build World-Class Steel Industry
The Minister of Steel Development, Prince Shuaibu Audu, has called for collaboration with industry stakeholders to build a world-class steel industry that could serve as a catalyst for Africa’s industrial future.
Audu made the call at a panel session at the fifth edition of the African Natural Resources and Energy Investment Summit (AFNIS), themed ‘One Africa, One Resource Vision,’ on Wednesday in Abuja.
He urged investors, development partners, manufacturers and industry leaders to leverage Nigeria’s fiscal incentives and other opportunities such as tax holidays and exemptions from import duties on some machinery for mining and steel operations.
“The opportunities before us are enormous. The time has come for Africa to leverage its natural resources not merely for export but for industrial transformation, job creation, infrastructure development and long-term prosperity.
“Nigeria’s steel sector presents immense opportunities for investors and strategic partners willing to participate in this transformative journey.
“Nigeria seeks partnerships to building a resilient, competitive and sustainable steel industry,” he said.
He stressed Nigeria’s readiness to welcome investors, promote business growth and strengthen strategic partnerships.
According to him, Nigeria’s steel sector is actively engaging global investors, financial institutions, technical partners and industry operators in its transformation drive.
The minister said significant investment opportunities abound in iron ore mining, beneficiation, pelletisation plants, steel rolling mills, fabrication industries, logistics infrastructure, energy integration and industrial parks.
He said the Federal Government remained committed to ensuring policy consistency, investor protection, transparency and ease of doing business to support industrial growth.
“In addition, we recognise that Africa’s industrial future cannot be achieved in isolation.
“The African Continental Free Trade Area (AfCFTA) provides a historic opportunity for regional manufacturing integration, cross-border investments, and expansion of intra-African trade.
“Nigeria stands ready to collaborate with other African nations in building competitive continental steel and manufacturing ecosystem capable of driving economic prosperity for our people,” he said.
The minister said the ministry was pursuing strategic initiatives aimed at repositioning Nigeria’s steel industry as a major driver of economic diversification and industrial development.
Audu said Nigeria was prioritising the revitalisation of legacy steel assets such as Ajaokuta Steel Company Limited (ASCL), the National Iron Ore Mining Company (NIOMCO) and the Aluminium Smelter Company of Nigeria (ALSCON).
He added that the ministry was promoting local value addition and backward integration, developing industrial and manufacturing clusters and strengthening mining-to-metals linkages, among other initiatives.
The minister described the theme of this year’s summit as both timely and visionary.
According to him, it reflects the urgent need for African nations to move beyond the export of raw materials towards industrialisation, value addition, regional integration and sustainable economic transformation. ACCI Seeks Reforms to Boost FCT Free Zones for Economic Growth
