Nigeria and Saudi Arabia Collaborate to Develop Iron Ore into Steel

Nigeria and Saudi Arabia Collaborate to Develop Iron Ore into Steel

By Fly Cable News

In an effort to boost the potential of Nigeria’s solid minerals sector, the country has entered into a partnership with Saudi Arabia to extract and process iron ore into steel. This collaboration was announced following discussions at the Resourcing Tomorrow event during the annual Mines and Money Expo in London.

Dr. Dele Alake, Nigeria’s Minister of Solid Minerals Development, and Saudi Arabia’s Deputy Minister of Minerals and Energy, Engr. Khalid bin Saleh Al-Musdaifer, explored plans for iron ore extraction and processing within Nigeria. Dr. Alake highlighted the benefits of extracting and beneficiating iron ore locally, noting that value-added exports would command higher prices than raw ores. Engr. Al-Musdaifer expressed interest in sourcing Nigerian iron ore for Saudi Arabia’s steel industry and promised to consider Nigeria’s proposal for developing a domestic downstream value chain.

A follow-up meeting is scheduled for January 2025 at the Future Metals Forum in Riyadh.

Additionally, Dr. Alake held meetings with international investors, including tin manufacturers Woodcross and the Gerald Group, and fund managers from AMG and Business Idea Development in China. Woodcross confirmed a positive preliminary survey of tin mining in Jos, with plans to make a final investment decision by February 2025. The Gerald Group expressed interest in a joint venture, while discussions with AMG and Business Idea Management Centre explored funding opportunities for Nigerian mining projects.

Dr. Alake also engaged with over 30 global mining entrepreneurs, with plans to include the African Extractive Minerals Bank proposal in future discussions at the AMSG meeting in Riyadh. Saudi Arabia, which currently imports iron ore from various African nations, is looking to strengthen its steel industry through this collaboration.