Nigeria has stepped up its campaign to attract foreign investment into its steel and minerals sector, with the Federal Government declaring its readiness to shift from exporting raw materials to building a value-driven industrial economy.
Speaking at the Nigeria–German Economic Forum in Dortmund, Minister of Steel Development, Shuaibu Audu, said the country is positioning itself as a strategic industrial hub and is seeking credible, long-term partners to tap into its estimated $10bn annual steel market.
According to a statement issued by the ministry’s Director of Information and Public Relations, Salamatu Jibaniya, the minister outlined a deliberate policy shift aligned with President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Audu said, “Nigeria is transitioning from a raw materials exporter to a value-adding industrial economy. We are actively seeking credible, long-term partners who share our vision of sustainable industrial growth and who are prepared to invest not just capital, but technology, skills, and innovation into our ecosystem.”
He noted that Nigeria’s population of nearly 250 million people, largely youthful and economically active, provides a strong labour base and expanding consumer market.
“With a population of almost 250 million people, most of them young and industrious, Nigeria offers a ready workforce and a significant consumer base. Combined with our geographic positioning and membership of continental trade frameworks, this places Nigeria at the heart of African trade and manufacturing,” he said.
The minister disclosed that Nigeria’s domestic steel utilisation stands at about $10bn annually, underscoring what he described as a significant market opportunity.
“Our domestic steel demand is conservatively estimated at approximately $10bn per annum. That is a massive market opportunity. Instead of importing finished and semi-finished steel products, we are determined to build local capacity that can serve domestic needs and position Nigeria as a net exporter in the medium to long term,” he stated.
Audu added that the government is inviting investment across the steel and aluminium value chains, including mineral processing and beneficiation, as well as in enabling infrastructure such as power, rail, gas and port facilities.
“We are looking for partners in steel and aluminium production, in mineral processing and beneficiation, and in critical industrial infrastructure, power generation, rail connectivity, gas supply, and efficient port systems. Industrialisation cannot happen in isolation; it requires an integrated approach,” he said.
He also stressed the importance of skills transfer and workforce development. “We want partnerships that will prioritise skills development, technical training, and technology transfer. Our objective is not just to extract resources but to build a globally competitive industrial workforce,” Audu added.
Nigeria’s renewed pitch comes amid growing European demand for alternative sources of critical minerals used in energy transition technologies. By aligning its strategy with global supply chain shifts and the African Continental Free Trade Area framework, the government hopes to reposition the country as a competitive player in steel production and mineral processing.
