Prince Shuaibu Abubakar Audu, Honourable Minister for Steel Development, has urged global investors to consider Nigeria as their prime destination in Africa’s steel and metals sector. Speaking at the International Mining and Resources Conference (IMARC) in Sydney, Australia, from October 29-31, 2024, he emphasised the substantial benefits of investing in Nigeria under President Bola Ahmed Tinubu’s Renewed Hope Agenda. With abundant natural resources and a young, dynamic population, Nigeria aims to position itself as a global investment hub in the metallurgical industry. Audu highlighted the establishment of the Ministry of Steel Development in August 2023, marking a historic moment as it focuses solely on the steel sector. The minister noted significant progress in just a year, particularly in creating an enabling environment for foreign investments, including incentives like tax holidays and zero duties on essential imported machinery. He declared, “Investing in Nigeria is not just a possibility but a strategic choice that presents lucrative opportunities for investors.” Audu pointed out Nigeria’s rich deposits of iron ore, coal, limestone, and more, along with its strategic location, which offers access to larger markets in Africa and beyond. He urged investors to collaborate with Nigeria to unlock its vast potential in steel and metallurgy, signalling commitment to sustainable development and technological advancement as part of the nation’s industrial growth strategy. .

The article describes Nigeria’s efforts to attract foreign investment in its steel and metals sector, particularly at the International Mining and Resources Conference in Australia. Nigeria, rich in natural resources and under a new governmental focus on the steel industry, is working to create a favourable investment climate with various incentives. The Honourable Minister’s speeches at the conference reveal the country’s goal to drive industrialisation, while promoting its strategic advantages and resource wealth to global stakeholders.

In summary, Nigeria is positioning itself as a leading investment destination for the steel and metals sector, driven by strategic incentives and abundant natural resources. The government’s recent initiatives, including the establishment of a dedicated steel ministry, reflect a commitment to improving the investment landscape. With focus on collaboration and sustainable development, investors are encouraged to explore the opportunities within Nigeria’s expanding industrial framework.

Original Source: fmino.gov.ng

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