FG woos EU investors with $10bn steel market pitch

From Charity Nwakaudu, Abuja

Minister of Steel Development, Shuaibu Abubakar Audu, has taken Nigeria’s industrialisation drive to Germany, declaring that the country is ready to abandon its raw materials status and embrace full-scale value addition.

Addressing the Nigeria–German Economic Forum in Dortmund, Audu projected Nigeria as Africa’s next industrial hub, in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu.

In a statement by Salamatu Jibaniya, Director, Information and Public Relations, the minister told European investors that Nigeria’s steel sector alone consumes about $10 billion annually a huge market opportunity for serious global players.

“With a population of nearly 250 million, largely youthful and energetic, Nigeria is primed for industrial take-off,” he said.

He disclosed that the country holds over three billion tonnes of iron ore, alongside vast deposits of limestone, manganese, copper, lead-zinc, lithium and rare-earth minerals, positioning Nigeria for both domestic industrial growth and export expansion.

Audu urged EU investors to key into steel and aluminium production, mineral beneficiation and processing, as well as critical infrastructure development covering power, rail, gas and ports.

He stressed that beyond capital inflow, Nigeria is prioritising technology transfer and technical skills development to strengthen local capacity.

At the high-level forum, the minister was received by Germany’s Minister for Federal, International and European Affairs, Nathanael Liminski; Lord Mayor of Dortmund, Alexander Kalouti; President of the Dortmund Chamber of Commerce and Industry, Heinz-Herbert Dustmann; and Consul General to Slovakia, Klaus Wagener.