The Honourable Minister of Steel Development, Prince Shuaibu Abubakar Audu, has called for stronger European Union economic partnerships with Nigeria as part of efforts to reposition the country’s steel and minerals sector for industrial growth.
Speaking on Tuesday at the Nigeria–German Economic Forum in Dortmund, Germany, Prince Audu outlined Nigeria’s strategic vision to deepen value addition across the steel and mining value chain, attract long-term foreign direct investment, and accelerate industrialisation under the Renewed Hope Agenda of President Bola Ahmed Tinubu.
This was contained in a statement on on Wednesday, 4th February, 2026, by Salamatu F. Jibaniya, Director, Information and Public Relations.
The minister said Nigeria is shifting from being a raw materials exporter to a value-adding industrial economy and is seeking credible, long-term partners to support that transformation.
With a population of nearly 250 million people and a predominantly youthful workforce, he noted that Nigeria is strategically positioned to serve as a regional hub for African trade.
Prince Audu highlighted Nigeria’s strong domestic demand for steel, estimated at about $10 billion annually, describing it as a significant market opportunity for investors.
He said the government is looking to partner with investors in steel and aluminium production, mineral beneficiation and processing, as well as in critical industrial infrastructure such as power, rail, gas and ports.
He also stressed the importance of technical skills development and technology transfer to strengthen local workforce capacity and ensure sustainable growth in the sector.
According to the minister, Nigeria holds over three billion tonnes of iron ore deposits, alongside substantial reserves of limestone, manganese, copper, lead-zinc, lithium and rare-earth minerals.
He added that these resources not only support domestic industrialisation but also offer export opportunities to European markets.
Prince Audu was received at the forum by Nathanael Liminski, Minister for Federal, International and European Affairs; Alexander Kalouti; Heinz-Herbert Dustmann, President of the Dortmund Chamber of Commerce and Industry; and Klaus Wagener, Consul General to Slovakia.
The forum forms part of ongoing efforts by the Federal Government to strengthen bilateral economic ties and unlock new investment channels for Nigeria’s industrial transformation.