Nigeria, Saudi Arabia open talks on iron ore development

Nigeria and Saudi Arabia, on Monday, began discussions on the extraction and processing of iron ore into steel.

During the Resourcing event at the annual Mines and Money expo in Islington, London, Nigeria’s Minister of Solid Minerals Development, Dr. Dele Alake, met with Saudi Arabia’s Deputy Minister of Minerals and Energy, Engr. Khalid bin Saleh Al-Mudaifer discussed plans to extract iron ore and process steel in Nigeria.

Alake, in a statement by his Special Adviser, Kehinde Bamigbetan, said he pitched for the extraction and beneficiation of iron ore to steel in Nigeria, adding that the value-added exports would attract better prices than raw ores.

Responding, Engr. Al-Mudaifer confirmed Saudi Arabia’s interest in sourcing iron ore for its steel industry and assured the Minister that the government would consider Nigeria’s proposal for the domestication of the downstream value chain in the country.

A follow-up meeting is scheduled for Riyadh, the capital of Saudi Arabia, during the Future Metals Forum in January 2025.

Alake also met tin manufacturers Woodcross and Gerald Group, fund managers AMG, and Business Idea Development, China.

The Minister has set up a ministerial committee to implement the start-up in line with the timeline and provide weekly updates.