Nigeria and Saudi Arabia have launched an important partnership in iron ore extraction and steel production. The partnership, which will support Nigeria's industrialisation goals, was officially announced during a meeting between Dele Alake, Nigeria's Minister of Solid Minerals Development, and Khalid Al-Musdaifer, Saudi Arabia's Deputy Minister of Energy and Minerals.
‘The main objective of this partnership is to accelerate the industrialisation process by processing Nigeria's local mineral resources in line with President Bola Tinubu's Renewed Hope agenda,’ the statement said.
Minister Alake emphasised that the processing of iron ore into steel in Nigeria will add great value to the country's economy and the processed products can be sold at higher prices in the world market.
It was stated that Saudi Arabia is interested in the supply of iron ore from Nigeria, and it was announced that the parties will meet at the Future Metal Forum to be held in Riyadh in January 2025 to strengthen cooperation.
This cooperation is considered as an important step for Nigeria to develop its industrial infrastructure and increase its competitiveness in the international steel market by using its local resources more efficiently.
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