Business
Nigeria as Africa’s Minerals Hub
Nigeria strengthens its position as Africa’s minerals hub with lithium and gold plants for global green energy supply
Nigeria is positioning itself as Africa’s leading minerals hub through the establishment of lithium processing and gold refining plants, the Minister of Solid Minerals Development, Dr. Dele Alake, announced during a meeting with Saudi Arabia’s Minister of Industry and Mineral Resources, Mr. Ibrahim Al-Khorayef, ahead of the Future Minerals Forum in Riyadh.
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Dr. Alake revealed that a $600 million lithium processing plant in Nasarawa State is ready for commissioning, alongside an operational gold refining plant in Lagos and three additional gold refineries at various stages of development across the country.
The minister highlighted Nigeria’s value-addition policy, stressing that it is already yielding tangible results while supporting the country’s ambitions to become a critical global partner in minerals essential for the transition to green energy.
“We are keen on structuring agreements that will enable us to engage meaningfully and constructively,” Dr. Alake said, citing priority areas including capacity building, training of mining professionals, technology transfer, and exploration.
He emphasised Nigeria’s vast landmass is rich in critical minerals and rare earth elements required by the global economy.
Dr. Alake noted that mineral traceability, adherence to Environmental, Social and Governance (ESG) standards, and mine-pit remediation are essential for attracting investment.
Minister Al-Khorayef praised Nigeria’s long-standing partnership with Saudi Arabia and proposed a draft Memorandum of Understanding for solid minerals development to be presented during the forum.
He encouraged Nigeria to leverage the platform to showcase investment opportunities and adopt advanced mining technologies.
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The ministers agreed that collaboration based on fairness, equity, and mutual benefit would accelerate industrialisation in Nigeria’s mining sector while attracting foreign investors to support sustainable growth.
President Bola Tinubu has reaffirmed the Federal Government’s commitment to rehabilitating and repositioning Nigeria’s dormant national refineries, declaring that the facilities will not be allowed to become stranded assets.
Tinubu was represented by the Permanent Secretary of the Ministry of Petroleum Resources, Mrs Patience Oyekunle, at the 20th OTL Africa Downstream Energy Week in Lagos on Monday.
The President said the government is adopting a more rigorous and commercially sustainable approach to the rehabilitation of the Port Harcourt, Warri and Kaduna refineries.
“At the same time, the government remains committed to ensuring that existing national refining assets are not allowed to become stranded investments,” the statement said.
“We are pursuing a more rigorous, commercially sustainable approach to the rehabilitation and repositioning of our refineries, supported by technical assessment, stronger partnerships, and improved operational discipline.”
The objective, according to the administration, is for Nigeria to refine more of its crude oil, create greater domestic value and become a reliable supplier of energy to Africa.
The national refineries, managed by the Nigerian National Petroleum Company Limited (NNPC), have remained largely inactive for years despite significant spending on turnaround maintenance. The NNPC has signed a memorandum of understanding with Chinese firms as part of ongoing efforts to revive the facilities.
Tinubu also noted the contribution of private refining capacity, particularly the Dangote Refinery, which has reached its 650,000 barrels-per-day nameplate capacity, in strengthening Nigeria’s prospects of becoming a net exporter of refined petroleum products.
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