https://en.sputniknews.africa/20241114/nigeria-to-commission-lithium--rare-earth-processing-plants-diversifying-economy-away-from-oil-1069224352.html
Nigeria to Commission Lithium & Rare Earth Processing Plants, Diversifying Economy Away From Oil
Nigeria to Commission Lithium & Rare Earth Processing Plants, Diversifying Economy Away From Oil
Sputnik Africa
Nigeria's economy has long been heavily dependent on oil, with crude exports accounting for a significant portion of the country's GDP. This situation created... 14.11.2024, Sputnik Africa
2024-11-14T12:12+0100
2024-11-14T12:12+0100
2024-11-14T12:12+0100
sub-saharan africa
nigeria
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Nigeria is poised to significantly boost its economy by commissioning lithium and rare earth processing plants, marking a major step towards diversifying away from oil dependence. The announcement came from the Minister of Solid Minerals Development, Dele Alake, at a press briefing ahead of the 9th annual Nigeria Mining Week in Abuja.The minister stated that several companies are slated to launch these plants in the coming months. El Thahadat will launch lithium processing facilities in Kwara and Kebbi states, while Hasetins will open a rare earth (primarily tantalite) processing plant in the Federal Capital Territory in December. A new gold refinery in Gwarinpa is also nearing operation.Alake emphasized that this initiative is part of a broader government strategy to leverage Nigeria's vast mineral resources, which include over 44 different types.The government plans to establish Nigeria as a reliable and attractive investment destination, encouraging global partnerships to bring the mining sector up to international standards, according to Minister Alake.Addressing the substantial contribution of artisanal and small-scale mining to the Nigerian economy, Alake noted that the government is working to integrate these miners into a formalized system, improving their safety, profitability, and access to technology.Combating illegal mining is also a key priority. The government is strengthening resource protection through surveillance, inter-agency cooperation and the deployment of mining marshals, ensuring compliance with the Nigerian Minerals and Mining Act, Minister Alake noted.
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nigeria, west africa, mining, minerals, gold miners, economy, lithium, industry, industrialization
nigeria, west africa, mining, minerals, gold miners, economy, lithium, industry, industrialization
Nigeria to Commission Lithium & Rare Earth Processing Plants, Diversifying Economy Away From Oil
Muhammad Nooh Osman
Writer/Editor
Nigeria's economy has long been heavily dependent on oil, with crude exports accounting for a significant portion of the country's GDP. This situation created several challenges for the country, including vulnerability to price fluctuations. As a result, Abuja is seeking to diversify the economy away from oil and capitalize on other resources.
Nigeria is poised to significantly boost its economy by commissioning lithium and rare earth processing plants, marking a major step towards diversifying
away from oil dependence. The announcement came from the Minister of Solid Minerals Development, Dele Alake, at a press briefing ahead of the 9th annual Nigeria Mining Week in Abuja.
The minister stated that several companies are slated to launch these plants in the coming months. El Thahadat will launch lithium processing facilities in Kwara and Kebbi states, while Hasetins will open a rare earth (primarily tantalite) processing plant in the Federal Capital Territory in December. A new gold refinery in Gwarinpa is also nearing operation.
Alake emphasized that this initiative is part of a broader government strategy to leverage Nigeria's vast
mineral resources, which include over 44 different types.
"We are focused on establishing systems and structures that allow Nigerians to benefit directly from our resources. Through local value addition, processing, and beneficiation, our aim is to transform Nigeria’s mineral wealth into industrial and economic power, generating jobs and supporting local businesses in ways that ripple through our economy," he said.
The government plans to establish Nigeria as a reliable and attractive
investment destination, encouraging global partnerships to bring the mining sector up to international standards, according to Minister Alake.
Addressing the substantial contribution of artisanal and small-scale mining to the Nigerian economy, Alake noted that the government is working to integrate these miners into a formalized system, improving their safety, profitability, and access to technology.
Combating illegal mining is also a key priority. The government is strengthening resource protection through surveillance, inter-agency cooperation and the deployment of mining marshals, ensuring compliance with the Nigerian Minerals and Mining Act, Minister Alake noted.
