Nigeria has opened fresh talks with European investors as the Minister of Steel Development, Shuaibu Abubakar Audu, unveiled the country’s $10 billion annual steel market and called for strategic partnerships to accelerate industrial growth.
Speaking at the Nigeria–German Economic Forum in Dortmund on Tuesday, the minister said Nigeria is repositioning itself from a raw materials exporter to a value-adding industrial economy under the Renewed Hope Agenda of President Bola Ahmed Tinubu.
Audu urged investors from the European Union to tap into Nigeria’s vast steel and mineral resources, stressing that the country’s nearly 250 million population and youthful workforce make it a natural hub for African trade and manufacturing.
He disclosed that Nigeria records about $10 billion in annual steel utilisation, reflecting strong domestic demand, and is seeking credible partners in steel and aluminium production, mineral beneficiation, and industrial infrastructure development, including power, rail, gas and ports.
The minister further highlighted Nigeria’s estimated three billion tonnes of iron ore deposits, alongside significant reserves of limestone, manganese, copper, lead-zinc, lithium and rare-earth minerals, which he said position the country for both domestic industrialisation and export opportunities to Europe.
German officials at the forum welcomed deeper economic cooperation as discussions centred on long-term investment, technology transfer and skills development to strengthen Nigeria’s industrial base.
Audu Courts EU Investors, Unveils Nigeria’s $10bn Steel Market in Germany
