Nigeria, Africa’s biggest economy, is seeking investments of about $7 billion in its steel and mining sectors over the next decade. The government estimates that $5 billion in investment is required to revive the mining sector. About $2 billion will be used to reinforce the steel industry.
Nigeria plans to start production of iron ore, lead, zinc, bitumen, nickel, coal and gold at a serious scale in two to five years. The mining sector currently accounts for 0.3 percent of Nigeria’s GDP. The government aims to increase the mining sector’s share of GDP to 7 percent within a decade.
There are currently 18 steel manufacturers in Nigeria.
|Focus: Nigeria Steel Sector|
|Annual output||2.2 million metric tons|
|Annual demand||6.8 million metric tons|
|Annual import||$3.3 billion|
As part of its plans to boost the steel industry, the country’s Solid Minerals Development Ministry seeks to revive the Ajaokuta steel complex.
Ajaokuta steel complex
The Solid Minerals Development Ministry is working on new mining legislation that will allow full foreign ownership of mining projects in order to attract foreign investments.