Nigeria and Saudi Arabia have announced a partnership to develop the solid minerals sector by extracting and processing iron ore into steel. This collaboration marks a significant step toward leveraging Nigeria’s mineral resources for industrial growth.
The initiative was revealed in a statement by Kehinde Bamigbetan, Special Adviser to the Minister of Solid Minerals Development, following discussions between the two countries during the Resourcing Tomorrow event at the annual Mines and Money Expo in Islington, London.
Minister of Solid Minerals Development, Dr. Dele Alake, and Saudi Arabia’s Deputy Minister of Minerals and Energy, Engr. Khalid bin Saleh Al-Musdaifer, explored strategies to extract iron ore in Nigeria and establish local steel production. Dr. Alake emphasized the importance of value-added exports, stating, “Beneficiating iron ore within Nigeria will secure better prices than exporting raw materials.”
