Nigeria and Saudi Arabia have begun talks on a partnership during a meeting between Dr. Dele Alake, Nigerian minister of Solid Minerals Development, and Khalid Al-Musdaifer, Saudi deputy minister of Minerals and Energy, to extract iron ore and process steel in Nigeria, according to media reports.
The partnership would also plan to benefit from Nigeria’s vast mineral resources to boost industrialization. Meanwhile, Minister Alake argued that both parties need to work not only on extracting iron ore but also on producing steel in Nigeria using the iron ore, since value-added steel exports would contribute to the country’s economic development.
Saudi Arabia also expressed interest in sourcing iron ore from Nigeria, given its steel industry relies on raw material imports, and promised to consider Nigeria’s proposal for its own domestic steel production.
A follow-up meeting regarding the initiative is scheduled for next month in Riyadh during the Future Minerals Forum.
