The Federal Government has intensified efforts to attract investment into Nigeria’s steel industry, positioning the sector as a critical pillar of the country’s industrialisation agenda and a potential catalyst for Africa’s manufacturing transformation.
Speaking at the fifth African Natural Resources and Energy Investment Summit (AFNIS) in Abuja, the Minister of Steel Development, Shuaibu Audu, called on investors, development partners, manufacturers and industry stakeholders to collaborate with the government in developing a globally competitive steel industry.
Audu said Nigeria offers significant opportunities across the steel value chain and remains committed to creating an enabling environment for both local and foreign investors through fiscal incentives, policy support and regulatory reforms.
According to him, investors can benefit from incentives including tax holidays and exemptions from import duties on selected machinery and equipment used in mining and steel production.
“The opportunities before us are enormous. 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 said.
The minister noted that the government is actively engaging global investors, financial institutions, technical partners and industry operators as part of ongoing efforts to reposition the sector for sustainable growth.
He identified key investment opportunities in iron ore mining, mineral beneficiation, pelletisation plants, steel rolling mills, fabrication industries, logistics infrastructure, energy integration projects and industrial parks.
Audu reiterated the Federal Government’s commitment to policy consistency, transparency, investor protection and ease of doing business, describing these as essential requirements for unlocking long-term investments in the industry.
He also highlighted the role of the African Continental Free Trade Area (AfCFTA) in supporting industrial growth across the continent, noting that regional integration presents new opportunities for manufacturing expansion, cross-border investments and increased intra-African trade.
According to him, Nigeria is prepared to work with other African countries to establish a competitive continental steel and manufacturing ecosystem capable of driving economic growth and job creation.
As part of its sectoral reform agenda, the Ministry of Steel Development is prioritising the revitalisation of key industrial assets, including the Ajaokuta Steel Company Limited (ASCL), the National Iron Ore Mining Company (NIOMCO) and the Aluminium Smelter Company of Nigeria (ALSCON).
The ministry is also pursuing policies aimed at promoting local value addition, strengthening mining-to-metals linkages and developing industrial clusters to deepen domestic manufacturing capacity.
Audu said Africa must move beyond its traditional role as an exporter of raw materials and embrace value addition, industrialisation and regional cooperation to achieve sustainable economic transformation.