Steel Minister tells investors in Dortmund Nigeria is shifting from resource exporter to industrial powerhouse under Tinubu’s economic agenda….
Nigeria has stepped up efforts to reposition itself as a major industrial hub in Africa, with the Federal Government courting international investors to help unlock the country’s estimated $10 billion annual steel market.
Speaking at the Nigeria–German Economic Forum in Dortmund, Germany, the Minister of Steel Development, Shuaibu Audu, said Nigeria is deliberately shifting away from exporting raw materials toward building a value-driven industrial economy.
According to the minister, the country is actively seeking credible long-term partners willing to invest capital, technology, and expertise into Nigeria’s steel and minerals sector.
“We are transitioning from a raw materials exporter to a value-adding industrial economy,” Audu said. “Nigeria is looking for partners who share our vision for sustainable industrial growth and who are ready to bring technology, skills, and innovation into the sector.”
In a statement released by the ministry’s Director of Information and Public Relations, Salamatu Jibaniya, the minister said the initiative aligns with the economic priorities of President Bola Tinubu under the administration’s Renewed Hope Agenda.
Audu highlighted Nigeria’s population advantage as a key factor for investors, noting that the country’s nearly 250 million people—most of them young and economically active—offer both a strong workforce and a large 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,” he said. “Combined with our geographic location and participation in continental trade frameworks, Nigeria is positioned to become a central hub for African trade and manufacturing.”
The minister revealed that Nigeria currently records about $10 billion in steel utilisation annually, a figure that reflects the country’s heavy reliance on imports and the urgent need to develop local production capacity.
“Our domestic steel demand is conservatively estimated at approximately $10bn per annum,” he explained. “Instead of importing finished and semi-finished steel products, we are determined to build local capacity that can serve domestic needs and eventually position Nigeria as a net exporter.”
To achieve this goal, the government is inviting investors to participate across the entire steel and aluminium value chain, including mineral processing, beneficiation, and industrial infrastructure development.
Audu said Nigeria is particularly interested in partnerships that support power generation, rail connectivity, gas supply, and efficient port infrastructure, stressing that industrialisation requires coordinated development across multiple sectors.
“Industrialisation cannot happen in isolation; it requires an integrated approach,” he said.
Beyond capital investment, the minister emphasised the importance of technology transfer and workforce development, stating that Nigeria intends to build technical capacity alongside foreign investment.
“We want partnerships that prioritise skills development, technical training, and technology transfer,” Audu said. “Our objective is not simply to extract resources but to build a globally competitive industrial workforce.”
Nigeria’s mineral wealth also featured prominently in the minister’s pitch to European investors.
According to him, the country possesses more than three billion tonnes of iron ore deposits, alongside substantial reserves of limestone, manganese, copper, lead-zinc, lithium, and rare-earth minerals.
These resources, he said, provide a solid foundation for domestic industrial development while also offering export opportunities to Europe, particularly as global supply chains evolve.
European economies are increasingly seeking alternative sources of critical minerals needed for energy transition technologies such as electric vehicles and renewable energy storage systems.
By positioning itself as a stable and resource-rich partner, Nigeria is aligning its minerals strategy with global supply chain shifts as well as the opportunities presented by the African Continental Free Trade Area.
During the forum in Dortmund, Audu was received by several senior German officials, including Nathanael Liminski, Minister for Federal, International and European Affairs, and Alexander Kalouti, the Lord Mayor of Dortmund.
Other participants included Heinz-Herbert Dustmann, President of the Dortmund Chamber of Commerce and Industry, and Klaus Wagener, Consul General to Slovakia.
The engagement forms part of Nigeria’s broader economic diplomacy drive aimed at attracting foreign direct investment into key sectors such as steel production, mining, energy transition minerals, and industrial infrastructure.
Nigeria’s steel industry has long struggled with underutilisation of major assets, including the Ajaokuta Steel Complex and the Delta Steel Company, forcing the country to depend heavily on imported steel for construction and manufacturing.
The government hopes that renewed investor interest, combined with sector reforms and infrastructure improvements, will help unlock the full potential of the industry.
Under the current administration, the steel sector received renewed attention after the creation of a standalone Ministry of Steel Development tasked with accelerating reforms and attracting targeted investment.
However, analysts say the success of the government’s strategy will ultimately depend on regulatory stability, improved infrastructure, and stronger security in mining regions—issues that have historically discouraged international investors.
With a multi-billion-dollar domestic steel market and vast mineral resources, Nigeria’s message to global investors is increasingly clear: the country intends to move from exporting raw minerals to producing value-added industrial goods.
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