Nigeria has partnered with Saudi Arabia to extract iron ore and produce steel in Nigeria, emphasizing value-added exports and harnessing Nigeria’s rich mineral resources to drive industrialization.

The parties will hold further discussions in Riyadh in January 2025. Dr. Dele Alake, Nigeria’s Minister of Solid Minerals Development, was negotiating with a number of investors at the same time, attracting Woodcross, Gerald Group, etc. to express investment interest in tin mines and other projects, and promoting the accelerated launch of cooperation plans. The investors are expected to make a final decision for the investment by February next year.

Dr. Alake also pledged to include the African Extractive Minerals Bank proposal on the agenda for the next meeting.