Nigeria attracts investors for its $34 billion resource, see details

• Nigeria's monolithic lithium reserves, estimated to beryllium worthy implicit $34 billion, are attracting involvement from each astir the world
• Lithium is simply a cardinal constituent of batteries for renewable vigor retention systems and electrical vehicles (EVs)
• According to FG, 2 plants person already been placed into operation, and a 3rd is presently nether construction

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Nigeria is drafting request from astir the satellite for its tremendous lithium reserves, which are estimated to beryllium worthy implicit $34 billion.

Lithium is simply a captious constituent of batteries for renewable energy retention systems and electrical vehicles (EVs). Nigeria is mounting itself up to beryllium a important unit successful the satellite marketplace for lithium.

Interest successful Nigeria's lithium riches is growing. Photo Credit: FG, Just_Super
Source: UGC

Nigeria's lithium reserves are attracting expanding attraction arsenic nations and businesses astir the satellite vie to get supplies of the mineral, which is important for sustaining the greenish vigor revolution.

“Lithium is topping the charts successful presumption of interest, and we person seen the springing up of lithium factories successful Nigeria already,” peculiar adjunct connected media to Dele Alake, curate of coagulated minerals development, Segun Tomori, said successful a Twitter Space connected Wednesday.

He noted,

“The attraction of the international mining manufacture is focused connected lithium due to the fact that lithium is simply a captious earthy worldly for the accumulation of star panels and electrical vehicles ”

Tomori claims that successful 2024, the curate opened a lithium factory, Leadership reported.

He stated that 2 factories person been enactment into work frankincense far, and different is presently being built.

“We did the groundbreaking for different lithium mill successful Abuja that would travel up this year, truthful lithium factories are springing up,” helium said.

The speedy uptake of EVs and renewable energy technologies is expected to propel the worldwide lithium market's exponential maturation during the adjacent 10 years, according to analysts.

Due to the rapidly expanding request for lithium-ion batteries, the lithium mining assemblage has go a cardinal constituent of the cleanable vigor transition, according to information from a planetary Future Market Insight.

According to the India-based probe agency, the EV marketplace is the superior operator of the summation successful lithium demand, accounting for much than 70% of worldwide lithium usage successful 2024.

Lithium depletion is predicted to summation further arsenic nations including the US, China, and EU members strive for net-zero emissions by the mediate of the century.

“These batteries powerfulness electrical vehicles (EVs), renewable vigor retention systems, and user electronics, making lithium a captious assets for a sustainable future,” the India-based steadfast further said.

Nigeria tin participate a marketplace that is inactive chiefly regarded arsenic being connected the crushed floor. Unlike different minerals similar gold, the state tin present make amended policies due to the fact that of the find of lithium resources successful the Plateau, Oyo, and Kaduna states.

“Nigeria is sitting connected a goldmine oregon alternatively a lithium mine,” a geologist and mining expert, Tomiwa Bayo-Ojo, said. “With the planetary request for lithium skyrocketing, Nigeria has a unsocial accidental to leverage its reserves to boost the system and play a important relation successful the planetary vigor transition.”

Good quality for Nigeria's system arsenic investors observe different resources successful the country. Photo credit: FG
Source: UGC

Bayo-Ojo suggested that authorities and national governments marque definite that policies are customized truthful that Nigeria can easy entree the planetary market.

“The national authorities level would request to easiness the documentation procedures to pull investors. For instance, the Mining Cadastre Office should make a one-stop store successful concern with different authorities agencies to marque it easier for investors to get mining licences and permits for lithium,” Bayo Ojo said.

Dangote refinery breaks caller grounds

Earlier, Legit.ng reported that the mega Dangote Refinery exported 2 consignments of pitchy substance to Saudi Aramco, the world's biggest vigor company valued astatine $1.92 trillion.

The determination established Dangote Refinery arsenic a planetary person successful the vigor business.

President of Dangote Industries Limited, Aliko Dangote, disclosed this to the directors of the Nigerian Economic Group (NESG) during the facility’s circuit connected Tuesday, February 4, 2025, saying the refinery is making elephantine strides.

Proofreading by James, Ojo Adakole, writer and transcript exertion astatine Legit.ng.

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Source: Legit.ng