Nigeria pitches $600m lithium and gold projects to Saudi investors
Nigeria is positioning itself as Africa’s next major minerals hub after rolling out a $600 million lithium processing plant and multiple gold refineries, part of a strategy to make the country a key global supplier of materials needed for the green-energy transition.
The PUNCH reports that Nigeria’s minister of Solid Minerals Development, Dele Alake, disclosed the developments during a meeting with Saudi Arabia’s Minister of Industry and Mineral Resources, Ibrahim Al-Khorayef, ahead of the Future Minerals Forum in Riyadh.
The projects, he said, represent the most concrete outcome yet of Nigeria’s policy to end the export of raw minerals and build domestic processing capacity.
“Nigeria’s value-addition policy is already yielding tangible results, with a gold refining plant of very high purity now operational in Lagos, three additional gold refineries at various stages of development, and a $600 million lithium processing plant in Nasarawa State ready for commissioning,” Alake said.
This new phase follows years of government efforts to dismantle illicit mining networks, particularly in gold-rich states such as Zamfara and Niger, where terrorist groups and criminal syndicates had turned illegal mining into a major funding source.
Nigeria is estimated to hold about 757,000 ounces of gold, potentially worth up to $1.4 billion, with at least 17 states hosting notable deposits.
The government has deployed security forces, tightened licensing, and strengthened oversight of mineral exports, gradually bringing more of the sector under formal control to attract international investment.
Nigeria’s mining push mirrors a broader African trend as countries race to tap demand for gold, lithium and other critical minerals driven by the global energy transition.
While illegal mining persists in parts of Nigeria’s northwest and central regions, Abuja’s strategy which involves combining security enforcement, value addition and foreign partnerships, offers a potential model for resource-rich African economies seeking to move beyond raw exports.
