Dele Alake, Nigeria's Minister of Solid Minerals Development, and Khalid bin Saleh Al-Mudaifer, Saudi Arabia's Deputy Minister of Energy and Mines, met at the Mines and Money Expo in the UK to discuss creating a localised value chain for iron ore processing and steel production in Nigeria.
Stating that Saudi Arabia has a strong steel industry based on iron ore imports from Africa, Alake emphasised that value-added production in Nigeria would provide higher economic returns. Al-Mudaifer stated that they will evaluate the proposal. The next meeting to discuss the details of cooperation will be held in Riyadh in January 2025.
Minister Alake also met with investors interested in tin and steel projects at the event in London. Chinese and international funders signalled positively for capitalisation and joint ventures in the Nigerian mining sector. Alake established a ministerial committee to expedite the projects and announced that the process will be closely monitored.
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