The Federal Government has disclosed plans to mandate international mining firms to invest in local processing and refining of metals such as lithium within Nigeria.
Dele Alake, the minister of solid minerals development, disclosed this in Abuja at the 8th edition of Nigeria Mining Week.
The Minister explained that the move is essential to help create jobs as he added that such an initiative is already on stream as some companies have already commenced operations in Nigeria.
While speaking further, Alake cited a Chinese company, Ganfeng Lithium Industry Ltd that is building a lithium processing plant in the central Nasarawa state, as an example of the type of investment the government is looking for.
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“The plant will process about 18,000 tons of lithium ore per day to manufacture batteries for electric vehicles.”
Alake said the mining industry is been modernized and the government is investing in data collection, spending more than N15 billion ($19.6 million) over seven years to generate mineral data through a National Integrated Mineral Exploration Project (NIMEP).
“The preliminary reports from this project have unraveled massive discoveries which have put Nigeria on the world map of lithium-rich countries,” he said.
This natural mineral, according to him, indicates a significant reservoir poised for exploration and development. “These resources can potentially reduce our dependence on oil revenues, diversify our economic base, serve as the bedrock of sustainable development across various sectors, and provide significant job creation opportunities.
“Recent years have witnessed commendable efforts to revitalize the Mining Sector. We have worked diligently to streamline regulatory processes, create an attractive investment climate, and instill confidence in domestic and international investors.
“These efforts have borne fruit through strategic partnerships that recognize the immense potential within our borders. These partnerships will be pivotal in building a sustainable and globally competitive mining industry.”
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Alake said that the vision of the Tinubu-led administration for the mining sector transcends resource extraction, adding that his leadership was committed to conducting mining activities that are environmentally sustainable, socially responsible, and economically beneficial.
For him, mining operations should serve as catalysts for community development and job creation and adhere to industry best practices that minimize ecological footprint.
“As we promote responsible and developmental extraction, we propagate value addition across the value chain as the essential principle of mineral development,” he said.
