Prime Highlight :
- Nigeria pitched $600 million lithium and gold projectsto Saudi investors to boost domestic processing and attract global investment.
- The initiative aims to diversify the economy away from oiland position Nigeria as a leading minerals hub in Africa.
Key Facts :
- Nigeria operates a high-purity gold refinery in Lagos, with three more under development, and plans a $600 million lithium processing facilityin Nasarawa State.
- The country holds an estimated 757,000 ounces of goldacross 17 states and is targeting lithium to meet rising global demand for electric vehicles and renewable energy.
Background :
Nigeria has pitched $600 million lithium and gold projects to Saudi investors as it steps up efforts to diversify its economy away from oil and build a stronger solid minerals sector.
The proposal was presented by Nigeria’s Minister of Solid Minerals Development, Dele Alake, during talks with Saudi Arabia’s Minister of Industry and Mineral Resources, Ibrahim Al-Khorayef, ahead of the Future Minerals Forum in Riyadh, according to local media reports.
Alake said Nigeria has already made progress under its new value-addition policy. A high-purity gold refinery is now operating in Lagos, while three more gold refineries are under development across the country. Additionally, a $600 million lithium processing facility in Nasarawa State is set to begin operations.
He explained that these projects mark the most visible outcome so far of Nigeria’s policy to end the export of raw minerals and instead build domestic processing capacity that can attract global investment.
Nigeria holds an estimated 757,000 ounces of gold, with deposits spread across at least 17 states, and the government sees lithium as a key mineral for the global energy transition. Countries are increasing their demand for these important minerals as they build more electric vehicles, batteries and renewable energy projects.
The mining push also follows years of efforts to tackle illegal mining, especially in gold-rich states such as Zamfara and Niger, where criminal groups had used unregulated mining to fund violent activities. Abuja has since deployed security forces, tightened mining licences, and strengthened export controls to bring more of the sector into the formal economy.
Officials say Nigeria now aims to position itself as Africa’s next major minerals hub. The government wants mining to create jobs, earn money, and boost the economy in the long run by improving security, adding more value locally, and working with foreign investors.
