(Business Africa) – Nigeria is poised to become a major player in the global lithium market, as it prepares to open its first processing plant in Nasarawa state in early 2024.
The plant, which has a daily capacity of 3,000 metric tons, is a joint venture between the Nigerian government and Ganfeng Lithium Industry Ltd., a Chinese company that is one of the world’s largest producers of lithium products.
The project, which was launched by President @officialABAT in October 2023, is part of his administration’s efforts to diversify the economy away from oil and gas, and to add value to the country’s abundant mineral resources.
Lithium is a key ingredient for batteries and electric vehicles, which are in high demand as the world shifts to cleaner and renewable energy sources. Nigeria has an estimated 3 billion tons of lithium reserves, according to the Ministry of Mines and Steel Development, making it one of the richest countries in Africa in terms of the mineral.
The Nasarawa plant is expected to create thousands of jobs and boost the country’s gross domestic product by about 0.5%, according to the ministry. It will also help Nigeria to tap into the global lithium market, which is projected to grow from $43.5 billion in 2020 to $76.6 billion by 2027, according to Research and Markets.
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