Nigeria and Saudi Arabia have commenced discussions on iron ore extraction and steel production. The initiative, aimed at bolstering Nigeria's solid minerals sector, was advanced during the annual Mines and Money expo in London.
Dele Alake, Nigeria's Minister of Solid Minerals Development, and Saudi Arabia's Deputy Minister of Minerals and Energy, Khalid bin Saleh Al-Musdaifer, held detailed talks on the collaboration.
This was disclosed in a statement by Kehinde Bamigbetan, the Minister’s special adviser, on Monday. The partnership marks a significant step in Nigeria's industrialization efforts.
Plans to extract iron ore and process steel in Nigeria were discussed during the meeting.
Saudi Arabia currently boasts of a solid steel industry that relies on importing iron ore from various African countries.
However, Alake pitched for extracting and beneficiating iron ore to steel in Nigeria, adding that value-added exports would attract better prices than raw ores.
Responding, Al-Mudaifer confirmed Saudi Arabia’s interest in sourcing iron ore for its steel industry and assured the minister that the government would consider Nigeria’s proposal for the domestication of the country's downstream value chain.