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.
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Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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