The Honourable Minister of Steel Development, Shuaibu Abubakar Audu, on Tuesday delivered a keynote address at the Nigeria–German Economic Forum in Dortmund, outlining Nigeria’s strategic push to deepen economic partnerships with Germany and the wider European Union to accelerate growth in the country’s steel and minerals sector.
Speaking at the high-level forum, Audu said Nigeria is transitioning from a raw materials exporter to a value-adding industrial economy and is seeking credible, long-term foreign direct investment aligned with the Renewed Hope Agenda of Bola Ahmed Tinubu.
He stressed that the government’s focus is on strengthening the entire steel and minerals value chain to drive industrialisation and job creation.
The minister highlighted Nigeria’s strong domestic demand for steel, estimated at approximately $10 billion annually, describing it as a clear indicator of market potential for international investors. He noted that the country is positioning itself as a regional hub for African trade, backed by a population of nearly 250 million people and a youthful workforce capable of supporting large-scale industrial expansion.
Audu disclosed that Nigeria holds over three billion tonnes of iron ore deposits, alongside substantial reserves of limestone, manganese, copper, lead-zinc, lithium and rare-earth minerals. According to him, these resources present significant opportunities not only for domestic industrial growth but also for exports to European markets, particularly as global demand rises for energy-transition minerals.
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He called for partnerships in steel and aluminium production, mineral beneficiation and processing, as well as industrial infrastructure development covering power generation, rail transport, gas supply and port facilities. The minister also underscored the need for technical skills development and technology transfer to strengthen Nigeria’s workforce and ensure sustainable industrial capacity.
At the forum, Audu was received by the Minister for Federal, International and European Affairs of North Rhine-Westphalia, Nathanael Liminski; the Lord Mayor of Dortmund, Alexander Kalouti; the President of the Dortmund Chamber of Commerce and Industry, Heinz-Herbert Dustmann; and the Consul General to Slovakia, Klaus Wagener, reflecting strong diplomatic and commercial interest in expanding bilateral economic cooperation.
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