Abuja: The Minister of Steel Development, Prince Shuaibu Audu, has called for aggressive global and regional collaboration to build a world-class steel industry capable of anchoring Africa’s industrial future.
Audu made the call on Wednesday during a panel session at the fifth African Natural Resources and Energy Investment Summit (AFNIS) in Abuja, themed ‘One Africa, One Resource Vision.’
Urging investors, development partners, and manufacturers to capitalize on Nigeria’s lucrative fiscal incentives—including tax holidays and import duty exemptions on specialized mining and steel machinery—the Minister emphasized that the continent must pivot away from raw material exportation.
“The opportunities before us are enormous,” Audu stated. “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.”
He noted that Nigeria is actively courting global financial institutions, technical partners, and industry operators to participate in its aggressive transformation drive. Prime investment windows are currently open across iron ore mining, beneficiation, pelletisation plants, steel rolling mills, logistics infrastructure, and industrial parks.
To assure incoming capital, Audu reiterated the Federal Government’s commitment to policy consistency, investor protection, absolute transparency, and an increasingly streamlined ease of doing business.
He also pointed to the African Continental Free Trade Area (AfCFTA) as a historic launchpad for cross-border investments and regional manufacturing integration. “Nigeria stands ready to collaborate with other African nations in building a competitive continental steel and manufacturing ecosystem,” he added.
Closer to home, the Ministry is pursuing strategic initiatives to reposition the steel sector as a primary driver of economic diversification. Key among these priorities is the revitalization of critical legacy assets, including the Ajaokuta Steel Company Limited (ASCL), the National Iron Ore Mining Company (NIOMCO), and the Aluminium Smelter Company of Nigeria (ALSCON).
By focusing on local value addition, backward integration, and building robust mining-to-metals linkages, Audu noted that Nigeria plans to establish the critical industrial and manufacturing clusters necessary to transform its economic landscape.
