The Federal Authorities has introduced the beginning of operations at a high-purity gold refinery in Lagos and mentioned a $600m lithium processing plant in Nasarawa State is prepared for commissioning, signalling a push to deepen native processing in Nigeria’s mining sector.
The Minister of Stable Minerals Improvement, Dele Alake, disclosed this on Tuesday throughout a gathering with Saudi Arabia’s Minister of Business and Mineral Assets, Ibrahim Al-Khorayef, forward of the Future Minerals Discussion board in Riyadh.
Alake mentioned the tasks replicate the federal government’s value-addition coverage, aimed toward lowering the export of uncooked minerals and positioning Nigeria inside international provide chains for vital minerals.
“Nigeria’s value-addition coverage is already yielding tangible outcomes, with a gold refining plant of very excessive purity now operational in Lagos, three further gold refineries at varied phases of improvement, and a $600 million lithium processing plant in Nasarawa State prepared for commissioning,” the minister mentioned.
In response to a press release by his Particular Assistant on Media, Segun Tomori, the assembly centered on strengthening bilateral cooperation in strong minerals improvement and translating earlier engagements into concrete outcomes.
Alake mentioned the operational Lagos refinery and the lithium facility underscore the federal government’s willpower to advertise in-country beneficiation slightly than the export of unprocessed minerals.
He added that lithium, gold and different vital minerals are central to
Nigeria’s plans to diversify its financial system and help international vitality transition worth chains.
The minister expressed Nigeria’s curiosity in increasing collaboration with Saudi Arabia, significantly in areas the place each nations have complementary strengths.
“There are areas of comparative benefit the place Saudi Arabia excels and others the place Nigeria has strengths.
We’re eager on structuring agreements that may allow us to interact meaningfully and constructively,” he mentioned.
“Precedence areas embrace capability constructing, coaching of mining professionals, expertise switch, and significantly exploration, the place Saudi Arabia has demonstrated some experience.”
Alake additionally highlighted Nigeria’s huge landmass and deposits of vital minerals and uncommon earth components, saying the Future Minerals Discussion board offers a chance to refine partnerships based mostly on equity, fairness and mutual profit.
He recalled {that a} joint working group involving officers from Nigeria and the Saudi Chamber of Commerce had been energetic for the reason that 2025 version of the discussion board and is predicted to current its report earlier than the top of the present assembly.
In response to him, mineral traceability, Environmental, Social and Governance requirements, and mine-pit remediation have been recognized as precedence areas for cooperation.
He mentioned traceability, specifically, boosts investor confidence and must be backed by clear timelines and robust monitoring and analysis mechanisms.
In his remarks, Al-Khorayef described Nigeria as a longstanding ally of Saudi Arabia and agreed on the necessity for sensible, actionable agreements on strong minerals improvement.
He proposed that the joint working group put together a draft memorandum of understanding for attainable signing on the sidelines of the discussion board.
The Saudi minister additionally urged Nigeria to make use of the platform to showcase funding alternatives in its mining sector, whereas encouraging African nations to undertake superior applied sciences in mining improvement, noting that Nigeria may benefit from Saudi Arabia’s expertise.
Nigeria has lately stepped up reforms within the mining sector, together with efforts to curb unlawful mining, enhance regulation and appeal to funding by means of incentives and a renewed emphasis on native processing.
The federal government sees the growth of refining and processing capability as vital to capturing extra worth from its mineral sources.
