FG Seeks EU Partnership To Unlock $10bn Steel Market

Chidimma Uchegbu -Abuja

The Federal Government moved to strengthen economic ties with Europe as the Minister of Steel Development, Prince Shuaibu Abubakar Audu, spotlighted Nigeria’s $10 billion annual steel market and vast mineral resources at the Nigeria–German Economic Forum in Dortmund, Germany.

Delivering a keynote address at the forum, Audu said Nigeria is repositioning itself from a raw materials exporter to a value-adding industrial economy in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu, and is actively seeking credible, long-term partners to drive that transformation.

He told participants that Nigeria’s population of nearly 250 million people, largely youthful and economically active, offers a ready workforce and consumer base, positioning the country as a regional hub for trade and manufacturing in Africa.

He added that the country is richly endowed with critical steel inputs and energy-transition minerals required for modern industrial growth.

According to the minister, Nigeria’s domestic steel utilisation is estimated at $10 billion annually, underscoring the scale of local demand and investment opportunities.

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

Audu also stressed the importance of technical skills development and technology transfer, noting that sustainable partnerships must include capacity building to strengthen Nigeria’s workforce and ensure competitiveness in the global market.

He disclosed that Nigeria has over three billion tonnes of iron ore deposits, alongside substantial reserves of limestone, manganese, copper, lead-zinc, lithium and rare-earth minerals, resources he said can support both domestic industrialisation and export opportunities to European markets.

The minister was received at the forum by senior German officials, including 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.