In an effort to reshape the landscape of mineral extraction and steel production, Nigeria and Saudi Arabia have embarked on a promising partnership aimed at tapping into Nigeria’s rich iron ore reserves. The strategic discussions were initiated during the annual Mines and Money expo, an influential gathering in the London borough of Islington, setting the stage for a potentially transformative alliance between the two nations.
The talks were spearheaded by Nigeria’s Minister of Solid Minerals Development, Dele Alake, and Saudi Arabia’s Deputy Minister of Minerals and Energy, Engr Khalid bin Saleh Al-Musdaifer. The focus was clear: to explore the extraction and beneficiation of iron ore in Nigeria, with an eye towards processing it into steel domestically. This move could not only enhance Nigeria’s industrial capabilities but also add significant value to its exports, securing better prices on the global market.
Saudi Arabia, with its robust steel industry, currently imports iron ore from various African countries. By developing its iron ore resources, Nigeria aims to contribute to this supply chain, potentially shifting the dynamics of steel production in Africa and beyond. A follow-up meeting is slated for January 2025 in Riyadh during the Future Metals Forum, underscoring the commitment to advancing this collaboration.
In conjunction with these talks, Minister Alake engaged with other key players in the mining sector. This includes discussions with tin manufacturers Woodcross and Gerald Group, both showing keen interest in Nigeria’s mineral potential. Woodcross, having conducted a preliminary survey in Jos, reported promising discoveries of tin ores, paving the way for long-term investment in processing facilities capable of meeting global demands.
Minister Alake emphasized the Nigerian government’s dedication to supporting such ventures through the establishment of the Nigerian Solid Minerals Corporation. This entity is envisioned as a reliable partner for joint ventures, fostering an environment conducive to investment and growth in the mining sector.
Moreover, dialogues with AMG Group’s Director Ajay Commem and Young Chan, Managing Director of Business Idea Management Centre, China, centered on funding strategies for mining projects in Nigeria. They also explored the concept of the African Excretive Minerals Bank, which aims to provide much-needed exploration funding across the continent—a proposal that aligns with Nigeria’s broader goals of fueling economic development through natural resources.
Minister Alake, who also chairs the Africa Minerals Strategy Group, expressed strong support for these initiatives, committing to bring them to the forefront at the upcoming AMSG meeting in Riyadh. This collaboration marks a significant step towards not only enhancing Nigeria’s mineral extraction capabilities but also positioning the nation as a key player in the global minerals and steel industry.
