The Honourable Minister for Steel Development, Prince Shuaibu Abubakar Audu, urges foreign investors to consider Nigeria as a key investment location in the steel and metals sector during his address at the International Mining and Resources Conference in Sydney. The Minister emphasizes Nigeria’s rich mineral resources, strategic geographical position, and government initiatives to foster industrial growth through various incentives geared towards attracting foreign investment.
The Honourable Minister for Steel Development, Prince Shuaibu Abubakar Audu, actively promotes Nigeria as a premier investment destination in Africa’s steel and metals sector during his participation at the International Mining and Resources Conference (IMARC) in Sydney, Australia, held from October 29 to October 31, 2024. The Minister’s appeal underscores the numerous advantages offered by Nigeria under the Renewed Hope Agenda instituted by President Bola Ahmed Tinubu. Joining him at the conference is a delegation from the Ministry of Steel Development, which includes the Permanent Secretary, Dr. Chris Osa Isokpunwu, alongside other key officials. During his address, themed “The Nigerian Metallurgical Industry: An Unfolding Frontier of Global Investment Haven,” Prince Audu articulated that the establishment of the Ministry of Steel Development is a landmark initiative aimed at bolstering Nigeria’s industrialization and enhancing its Gross Domestic Product (GDP) for sustainable economic progression. He highlighted significant achievements in the sector within the Ministry’s first year, focusing on creating an environment conducive to foreign investment. Emphasizing Nigeria’s rich geological assets, which include substantial reserves of Iron Ore, Dolomite, Coal, and Limestone, the Minister confidently presented Nigeria’s strategic location in Africa as a gateway to both local and broader markets. He asserted, “Investing in Nigeria is not just a possibility but a strategic choice that presents lucrative opportunities for investors and stakeholders alike.” Audu further elaborated that the current administration is committed to fostering an improved business climate through various initiatives such as tax holidays, export expansion grants, and reduced tariffs on imported mining and steel spare parts, effectively positioning Nigeria as a dynamic landscape for investment. The IMARC serves as a critical platform for networking among global leaders of the mining and steel industries, enabling Nigeria to showcase the untapped potential of its metallurgical sector.
The participation of Nigeria at the International Mining and Resources Conference (IMARC) reflects the Federal Government’s strategic attempt to enhance the country’s steel and metals industry. Established by President Bola Ahmed Tinubu in August 2023, the Ministry of Steel Development signifies a pivotal legislative action aimed at accelerating Nigeria’s industrial transformation. The Nigerian government is keen on attracting foreign investment to capitalize on its substantial mineral reserves and to bolster the nation’s economic growth, making such international conferences essential venues for engagement with potential investors and partners.
In conclusion, the efforts made by the Honourable Minister for Steel Development, Prince Shuaibu Abubakar Audu, at the IMARC conference aim to solidify Nigeria’s position as a leading investment hub in Africa’s steel and metals sector. By highlighting the abundant natural resources, governmental reforms, and a favorable investment climate, Nigeria is presented as a prime opportunity for global investors looking to engage in the burgeoning metallurgical industry.
Original Source: nta.ng
