Nigeria is drawing demand from around the world for its enormous lithium reserves, which are estimated to be worth over $34 billion......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
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 reserves are attracting increasing attention as nations and businesses around the world compete to obtain supplies of the mineral, which is crucial for sustaining the green energy revolution.
“Lithium is topping the charts in terms of interest, and we have seen the springing up of lithium factories in Nigeria already,” special assistant on media to Dele Alake, minister of solid minerals development, Segun Tomori, said in a Twitter Space 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 claims that in 2024, the minister opened a lithium factory, Leadership reported.
He stated that two factories have been put into service thus far, and another is presently being built.
“We did the groundbreaking for another lithium factory in Abuja that would come up this year, so lithium factories are springing up,” he said.
The quick uptake of EVs and renewable energy technologies is expected to propel the worldwide lithium market’s exponential growth during the next ten years, according to analysts.
Due to the rapidly increasing demand for lithium-ion batteries, the lithium mining sector has become a key component of the clean energy transition, according to data from a global Future Market Insight.
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.
Lithium consumption is predicted to increase further as nations including the US, China, and EU members strive for net-zero emissions by the middle of the 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 can enter a market that is still primarily regarded as being on the ground floor. Unlike other minerals like gold, the country can now create better policies because of the discovery of lithium resources in the Plateau, Oyo, and Kaduna states.
“Nigeria is sitting on a goldmine or rather a lithium mine,” a geologist and mining expert, Tomiwa Bayo-Ojo, said.
“With the global demand for lithium skyrocketing, Nigeria has a unique opportunity to leverage its reserves to boost the economy and play a significant role in the global energy transition.”
Bayo-Ojo suggested that state and federal governments make sure that policies are customized so that Nigeria can easily access the global market.
“The federal government level would need to ease the documentation procedures to attract investors. For instance, the Mining Cadastre Office should create a one-stop shop in partnership with other government agencies to make it easier for investors to obtain mining licences and permits for lithium,” Bayo Ojo said.
Dangote refinery breaks new record
Legit.ng reported that the mega Dangote Refinery has exported two consignments of jet fuel to Saudi Aramco, the world’s biggest energy company valued at $1.92 trillion.
The move establishes Dangote Refinery as a global leader in the energy business.
President of Dangote Industries Limited, Aliko Dangote, disclosed this to the directors of the Nigerian Economic Group (NESG) during the facility’s tour on Tuesday, February 4, 2025, saying the refinery is making giant strides.