The Federal Government has intensified efforts to reposition Nigeria as a continental industrial hub, with the Minister of Steel Development, Shuaibu Audu, declaring in Germany that the country is ready to move beyond raw material exports and is seeking credible, long-term investors to unlock its $10bn annual steel market.
Speaking at the Nigeria–German Economic Forum in Dortmund, the minister outlined what he described as a strategic shift from extractive exports to value addition, stressing that Nigeria’s vast mineral reserves and growing domestic demand present “a generational investment opportunity.”
In a statement issued on Wednesday by the Director of Information and Public Relations in the ministry, Salamatu Jibaniya, Audu said Nigeria was deliberately repositioning its steel and minerals sector in line with the Renewed Hope Agenda of Bola Ahmed Tinubu.
He 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.”
According to him, Nigeria’s nearly 250 million population, largely youthful and economically active, gives the country a strategic edge as a production and trade hub for Africa.
“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.
Audu disclosed that Nigeria currently records about $10bn in annual steel utilisation, a figure he said demonstrates the scale of domestic demand and the urgency of developing local capacity.
“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.
He added that the Federal Government is seeking partnerships across the steel and aluminium value chains, including mineral beneficiation and processing, as well as investments 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.
The minister also emphasised the importance of technology transfer and technical skills development, noting that Nigeria is keen on building local capacity alongside foreign investment.
“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.
Highlighting Nigeria’s resource base, the minister said the country possesses over three billion tonnes of iron ore deposits, alongside substantial reserves of limestone, manganese, copper, lead-zinc, lithium and rare-earth minerals.
“Nigeria is richly endowed with over three billion tonnes of iron ore, in addition to significant deposits of limestone, manganese, copper, lead-zinc, lithium and rare-earth minerals. These resources provide a strong foundation for domestic industrialisation and present export opportunities, particularly to European markets seeking secure and diversified supply chains,” he said.
Nigeria’s push comes at a time when European economies are seeking alternative sources of critical minerals to support energy transition technologies, including electric vehicles and renewable energy storage systems.
By pitching Nigeria as a stable and resource-rich partner, the government appears to be aligning its minerals strategy with global supply chain realignments and the African Continental Free Trade Area framework.
At the forum in Dortmund, Audu was received by the Minister for Federal, International and European Affairs, 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.
The engagement forms part of Nigeria’s broader economic diplomacy drive aimed at attracting foreign direct investment into priority sectors, including steel, mining, energy transition minerals and industrial infrastructure.
Nigeria’s steel sector has long struggled with underutilisation of key assets, including the Ajaokuta Steel Complex and Delta Steel Company, leading to heavy reliance on imports for construction and manufacturing inputs. The country also exports several minerals in raw or minimally processed form, limiting value capture and job creation.
Under the current administration, the Ministry of Steel Development was carved out as a standalone ministry to accelerate sector reforms and attract targeted investment.
Stakeholders say the success of the government’s latest pitch will depend on regulatory certainty, infrastructure upgrades and the ability to ensure security in mining corridors, longstanding concerns for international investors.
With a declared $10bn domestic steel demand and multi-billion-tonne iron ore deposits, Nigeria’s message to German industry is clear: the country wants to move from pit to plant, and from exporter of rocks to producer of value-added industrial goods.
