Saturday, February 24, 2024

Nigeria To Become G-20 Economy Before 2031- Minister

The Nigerian Minister of Steel Development, Shuaibu Audu says that Nigeria’s President Bola Tinubu “intends to make Nigeria a G-20 economy before the end of his second term in office in 2031.”

Prince Audu also said that his Ministry’s “commitment to developing the steel sector remains unwavering, with a focus on job creation, attracting investments, and contributing significantly to Nigeria’s Gross Domestic Product as outlined in the renewed hope agenda of President Bola Ahmed Tinubu.”

The Minister of Steel Development, who made at the African Natural Resource and Energy Investment Summit 2023 said he stands “committed to supporting initiatives that foster the local production of transition metals as he called for “commitment to sustainability, incorporating responsible mining practices, and embracing environmentally friendly production techniques to mitigate any adverse impact on our ecosystem.”

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Prince Audu reinstated his commitment to “a sustainable future that demands innovation and transformation in steel production, ensuring that the country’s advancements align with global environmental standards.”

It is based on this that a roadmap is being developed for the revitalization of the steel sector in Nigeria.

He noted that “with considerable attention to issues of insurance for government-owned steel plants, beneficial incentives for investors that are willing to put money in the sector, and designating the 24,000–hectare land in Ajaokuta as an Industrial Park.”

He further said that “in line with the 8-point agenda of Mr President and the proposed roadmap for the ministry of steel development, the following are some suggested pathways transition metals can be produced locally with requisite value addition, though not exhaustive, it includes;

1. Enforcing the Processing of Raw Materials Locally: Government will ensure a conducive environment for investments in mineral processing plants across the country. This will ensure forex proliferation and creation of jobs for both skilled and unskilled workers in the mining sector.

2. We must Improve Promotional Activities for Specific Minerals: We must build on the several ongoing initiatives to grow Nigeria’s mining sector; local and global promotion needs to be intensified on Lithium, Gold, Limestone etc. to attract investments into the sector.

3. We must Invest in exploration of Bankable data for Mining: Government will encourage investments in the determination of large volumes and deposits of transition metals.

4. We need to Secure the Mining Environment: Ensuring a secure environment through enhanced security initiatives for mining operations remains one of the matters that requires urgent attention.

5. We need to establish Host Communities Mineral Development Fund: This will address the challenges investors usually encounter with local communities on ownership of mineral deposits.”

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