Business and Economy
Nigeria Courts German Investment to Revive Steel Sector
The Federal Government says Nigeria is seeking stronger industrial cooperation with Germany in steel production, mineral processing, technology transfer and equipment manufacturing.
The Minister of Steel Development,
Prince Shuaibu Abubakar Audu, stated this when he received a delegation of German Original Equipment Manufacturers (OEMs), led by the Head of VDMA-German OEMs, Dr. Chux Onaa, at the Ministry in Abuja.
Audu said the visit provided an opportunity to translate earlier engagements between Nigeria and Germany into concrete investment and industrial partnerships.
He recalled discussions at the 9th German-African Economic Forum in Dortmund, Germany, where both countries explored opportunities in steel production, mining, mineral processing, engineering, technology transfer and industrial investment.
The Minister said Nigeria’s mineral resources, growing market and ongoing efforts to revitalise the steel sector presented opportunities for German companies to invest in the country.
He identified areas of possible cooperation to include modern technology, equipment manufacturing and supply, mineral processing, steel production, engineering services, skills development, technology transfer and local value-chain development.
Audu said the Ministry was ready to work with German OEMs on ongoing and emerging projects in the steel and metallurgical sectors, stressing that such partnerships could support infrastructure, manufacturing, job creation and economic diversification.
He expressed confidence that the engagement would lead to specific areas of collaboration and strengthen the longstanding bilateral relationship between Nigeria and Germany.
On his part, the Permanent Secretary, Ambassador Nura Abba Rimi, said the engagement was in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu and the establishment of the Ministry to revitalise Nigeria’s steel sector and promote industrialisation
Earlier, the Head of the German delegation, Dr. Chux Onaa, said the visit was aimed at consolidating areas of cooperation and investment in Nigeria’s steel industry.
Onaa added that German OEMs had technologies capable of supporting raw-material processing, including applications in the cement and building-materials industries.