Nigeria woos investors with $10bn annual utilization of steel, others

2026-03-04 - 17:57

By Gabriel Ewepu FOLLOWING the enormous potential of the steel sector, Nigeria wooed investors with $10 billion in annual steel utilization, a large market opportunity, and a strong economy. According to a statement signed by the Director, Information and Public Relations, Salamatu Jibaniya, the Minister of Steel Development, Prince Shuaibu Abubakar, on Tuesday, March 3, 2026, stated this in a keynote address at the ongoing Nigeria–German Economic Forum in Dortmund, Germany, where he outlined Nigeria’s strategic vision for advancing its steel and minerals sector value chain and attracting long-term foreign direct investment in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu. He said Nigeria is transitioning from a raw materials exporter to a value-adding industrial economy and is therefore seeking credible, long-term partners to support this transformation. “He further highlighted that Nigeria’s strategic positioning, combined with a population of nearly 250 million people—characterised by a large and youthful workforce—positions the country as a regional hub for African trade. He noted that Nigeria possesses abundant reserves of steel inputs and energy-transition minerals. “He emphasised that Nigeria has strong domestic demand for steel, with approximately $10 billion in annual utilisation, underscoring the scale of market opportunity, noting that Nigeria is seeking credible partners in steel and aluminium production and mineral beneficiation and processing, as well as industrial infrastructure development including power, rail, gas and ports. “He also stressed the importance of technical skills development and technology transfer to strengthen the nation’s workforce capacity. “Nigeria possesses significant deposits of iron ore—estimated at over 3 billion tonnes—as well as substantial reserves of limestone, manganese, copper, lead-zinc, lithium and rare-earth minerals. He informed the gathering that these resources support both domestic industrialisation and export opportunities to Europe.” Vanguard News