The Minister for Steel Development, Prince Shuaibu Abubakar Audu, urged global investors at the IMARC in Sydney to consider Nigeria for steel investments, highlighting significant natural resources and government incentives aimed at enhancing the sector’s growth under President Tinubu’s agenda.
The Nigerian Minister for Steel Development, Prince Shuaibu Abubakar Audu, has urged international investors to consider Nigeria as a top choice for investment in the steel and metals sector. Speaking at the International Mining and Resources Conference (IMARC) in Sydney, Australia, from October 29 to 31, 2024, he highlighted the advantages of investing in Nigeria under President Bola Ahmed Tinubu’s Renewed Hope Agenda. The minister, leading a delegation including Permanent Secretary Dr. Chris Osa Isokpunwu, is engaging with Australian officials and industry leaders to secure funding for Nigeria’s steel and metals sector. He noted the government’s commitment to industrialisation, marked by the establishment of the Ministry of Steel Development in August 2023, aimed at enhancing Nigeria’s GDP through sustainable growth. In his address, Prince Audu outlined the vast raw material reserves in Nigeria, such as Iron Ore and Limestone, which contribute to its potential as a prime investment location. He emphasised the current government’s efforts to foster a conducive business environment with incentives like tax holidays and zero-duty on imported machinery for the mining and steel industries. He concluded with a call to international partners, inviting them to seize the opportunities in Nigeria’s rich resource landscape and dynamic market. The IMARC stands as Australia’s largest mining event, creating a platform for global mining sector dialogue.
The Nigerian government is focusing on revitalising its steel and metals sector to boost economic growth and attract foreign investments. The establishment of the Ministry of Steel Development marks a significant commitment to this cause, providing a dedicated entity to oversee the industry. The government aims to create a favourable investment climate through various incentives and initiatives, aligning with President Tinubu’s industrialisation agenda and economic reforms.
Prince Audu’s participation in the IMARC signifies Nigeria’s proactive approach to attracting foreign investment in its steel sector. With abundant natural resources and a welcoming investment climate, Nigeria is positioning itself as a vital player in the global steel market, ready to offer lucrative opportunities to investors.
Original Source: authorityngr.com