Processing Plants: Audu Assures Investors of Conducive Environment

Kasim Sumaina in Abuja

The Minister of Steel Development, Shuaibu Audu, has assured investors of Federal Government’s conducive environment in various mineral processing plants across the country.

Audu noted that in line with the eight-point agenda of President Bola Tinubu and the proposed roadmap for the Ministry of Steel Development, pathways transition metals that would be produced locally with requisite value addition, but not exhaustive has been suggested. 

These pathways, Audu hinted, included enforcing the processing of raw materials locally. This, he added, will ensure forex proliferation and creation of jobs for both skilled and unskilled workers in the mining sector. 

The minister made the disclosure in his keynote address at the ongoing 2nd edition of African Natural Resources and Energy Summit in Abuja. 

Audu opined: “The theme of the summit, ‘Towards a Just Transition,’ encapsulates the urgency and responsibility Nigeria holds in its hands as it navigates the intricate balance between resource development and environmental sustainability.

“I am honoured to stand before you today at the 2nd African Resource and Energy Investment Summit 2023 as we deliberate on a pivotal subject that resonates deeply with the economic and industrial future of our continent: Adding Value to the Mining Sector: Locally Producing Transition Metals.

“It’s an occasion that brings together stakeholders across diverse sectors, all unified under a noble banner of sustainable development. As we stand at the cusp of a new era, the pursuit of value addition becomes paramount, particularly in the realm of transition metals. 

“The demand for these metals, crucial in the development of green technologies, has surged globally. Africa’s potential to meet this demand is vast, yet largely untapped.

“The key lies not only in extracting these metals but in harnessing our capabilities to refine and produce them locally. Doing so is an opportunity to foster economic growth, create jobs and also maintain control over our resource value chain.”

He maintained that by investing in domestic refining and production capabilities, “we are not only adding value but also paving the way for sustainable development, ensuring that the wealth generated from these resources remains significantly within our communities, empowering our people whilst fostering technological innovation”.

“This strategic shift is not without its challenges. It necessitates collaboration among national and sub-national governments, industry stakeholders and investors to build a robust infrastructure, promote innovation and instigate supportive policies that encourage local value addition.

“Furthermore, it calls for a commitment to sustainability, incorporating responsible mining practices and embracing environmentally friendly production techniques to mitigate any adverse impact on our ecosystem.

“As the Minister of Steel Development, I stand committed to supporting initiatives that foster the local production of transition metals. We need to establish Host Communities Mineral Development Fund (HCMD). This will address the challenges investors usually encounter with local communities on ownership of mineral deposits.

“We are committed to a sustainable future that demand’s innovation and transformation in steel production, ensuring that our advancements align with global environmental standards.

“As we exchange ideas during this summit, let us remember that our decisions and actions today will resonate for years to come,” he said.

He however added that the commitment to developing the steel sector remained unwavering, with a focus on job creation, attracting investments and contributing significantly to Nigeria’s Gross Domestic Product (GDP) as outlined in the renewed hope agenda of President Tinubu where the president intends to make Nigeria a G-20 economy before the end of his second term in office in 2031.