Tinubu to make Nigeria G-20 economy by 2031

President Bola Tinubu intends to make Nigeria a G-20 economy before the end of his second term in office in 2031, Nigeria’s Minister of Steel Development, Shuaibu Audu, has said.

Mr Audu disclosed this while speaking at the ongoing 2nd edition of the Africa Natural Resource and Energy Investment Summit in Abuja.

“The commitment to developing the steel sector remains unwavering, with a focus on job creation, attracting investments, and contributing significantly to Nigeria’s Gross Domestic Product as outlined in the renewed hope agenda of President Bola Ahmed Tinubu, GCFR, where the president intends to make Nigeria a G-20 economy before the end of his second term in office in 2031,” Mr Audu said.

He explained that the country’s journey in the mining sector has been both transformative and evolutionary.

“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 said.

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

The minister said 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 the ecosystem, he added.

“As the Minister of Steel Development, I stand committed to supporting initiatives that foster the local production of transition metals.

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

In line with the 8-point agenda of Mr Tinubu and the proposed roadmap for the Ministry of Steel Development, he highlighted the suggested pathways by which transition metals can be produced locally with requisite value addition.

He said the government will ensure a conducive environment for investments in mineral processing plants nationwide. This, he said, will ensure forex proliferation and creation of jobs for both skilled and unskilled workers in the mining sector.

“We must build on the several ongoing initiatives to grow Nigeria’s mining sector; local and global promotion needs to be intensified on Lithium, Gold, Limestone etc to attract investments into the sector.

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“The government will encourage investments in the determination of large volumes and deposits of transition metals. We need to secure the mining environment, ensuring a secure environment through enhanced security initiatives for mining operations remains one of the matters that require urgent attention.

“We need to establish a host communities mineral development fund: This will address the challenges investors usually encounter with local communities on ownership of mineral deposits,” he added.