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Nigeria’s substantial lithium deposits, valued at more than $34 billion, are drawing global attention.
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Lithium serves as an essential element in the batteries used for storing renewable energy and powering electric vehicles (EVs).
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According to FG, two plants have already been placed into operation, and a third is currently under construction
ecosundiaries.com.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Nigeria is drawing demand from around the world for its enormous lithium reserves, which are estimated to be worth over $34 billion.
Lithium is a vital component of batteries for renewable energy storage systems and electric vehicles (EVs). Nigeria is setting itself up to be a significant force in the world market for lithium.
Nigeria’s lithium deposits are drawing more interest as countries and enterprises globally vie for access to this essential resource needed to support the green energy transition.
“Lithium is leading the charts in popularity, and we’ve already witnessed the emergence of lithium plants in Nigeria,” stated Segun Tomori, special assistant on media to Minister of Solid Minerals Development Dele Alake, during a Twitter Space event on Wednesday.
He noted,
“The attention of the international mining industry is focused on lithium because lithium is a critical raw material for the production of solar panels and electric vehicles ”
Tomori asserts that according to Leadership reports, the minister inaugurated a lithium plant in 2024.
He mentioned that so far, two factories have started operations, and a third one is currently under construction.
“We had the ground-breaking ceremony for an additional lithium plant in Abuja, which will be operational this year, indicating that these facilities are popping up everywhere,” he stated.
Analysts predict that the rapid adoption of electric vehicles and renewable energy solutions will drive substantial expansion in the global lithium market over the coming decade.
Owing to the steep rise in demand for lithium-ion batteries, the lithium extraction industry has emerged as a crucial part of the shift towards cleaner energy sources, as indicated by information provided by a worldwide Future Market Insight report.
According to the India-based research agency, the EV market is the primary driver of the increase in lithium demand, accounting for more than 70% of worldwide lithium use in 2024.
The demand for lithium is expected to rise even more as countries such as the United States, China, and member states of the European Union aim to achieve zero carbon emissions by mid-century.
“These batteries power electric vehicles (EVs), renewable energy storage systems, and consumer electronics, making lithium a critical resource for a sustainable future,” the India-based firm further said.
Nigeria has the opportunity to tap into a market that is largely considered nascent. Differing from other minerals such as gold, the nation can develop improved policies due to the recent discovery of lithium deposits in the Plateau, Oyo, and Kaduna regions.
“Nigeria is essentially sitting atop a goldmine, or more accurately, a lithium mine,” stated Tomiwa Bayo-Ojo, a geologist and mining specialist.
As the worldwide demand for lithium surges, Nigeria possesses a distinctive chance to utilize its resources to strengthen its economy and make a notable impact on the global shift toward renewable energies.
Bayo-Ojo proposed that both state and federal governments ensure policies are tailored to enable Nigeria to readily enter the international marketplace.
“The federal government needs to simplify the paperwork processes to lure investors. For example, the Mining Cadastre Office could establish a single point of contact in collaboration with other governmental bodies, making it simpler for investors to secure mining licenses and permits for lithium,” stated Bayo Ojo.
The Dangote Refinery sets a new milestone.
Earlier,
ecosundiaries.com.ng
It has been reported that the massive Dangote Refinery exported two shipments of jet fuel to Saudi Aramco, the globe’s largest energy firm with a valuation of $1.92 trillion.
This development positioned Dangote Refinery as a frontrunner in the international energy sector.
Aliko Dangote, President of Dangote Industries Limited, informed the directors of the Nigerian Economic Group (NESG) when they toured the facility on Tuesday, February 4, 2025, stating that the refinery is progressing significantly.
Proofread by James, Ojo Adakole, a journalist and copy editor at ecosundries.com.ng.