Audu Seeks Strategic EU Investment In Nigeria’s Steel Sector At Germany Forum

Nigeria’s Minister of Steel Development Shuaibu Abubakar Audu, has called for deeper European Union economic partnerships to accelerate Nigeria’s industrial transformation

Prince Audu made this call as he delivered a keynote address at the Nigeria–German Economic Forum in Dortmund.

According to a statement by Salamatu F. Jibaniya, director, Information & Public Relations in the ministry, on Wednesday, Prince Audu outlined Nigeria’s strategic vision to reposition its steel and minerals sector as a major driver of industrial growth and long-term foreign direct investment, in alignment with the Renewed Hope Agenda of President Bola Ahmed Tinubu.

The minister said Nigeria was transitioning from a raw materials exporter to a value-adding industrial economy and was seeking credible, long-term partners to support that transformation.

He noted that Nigeria’s strategic geographic location and population of nearly 250 million people — largely youthful — position the country as a regional hub for African trade.

According to him, the country holds abundant reserves of steel inputs and critical minerals essential for global energy transition efforts.

Audu highlighted Nigeria’s strong domestic demand for steel, estimated at approximately $10 billion in annual utilisation, describing it as clear evidence of significant market potential for investors.

He said the government is seeking partnerships in steel and aluminium production, mineral beneficiation and processing, as well as industrial infrastructure development, including power, rail, gas and ports.

He also emphasised the importance of technical skills development and technology transfer to enhance workforce capacity and ensure sustainable industrial growth.

The minister further disclosed that Nigeria possesses over three billion tonnes of iron ore deposits, alongside substantial reserves of limestone, manganese, copper, lead-zinc, lithium and rare-earth minerals.

He said these resources present opportunities not only for domestic industrialisation but also for export to European markets.

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.

The ongoing Nigeria–German Economic Forum features discussions aimed at strengthening bilateral trade and investment ties between both countries.