Nigeria’s $34bn Lithium Wealth Mined Mainly by Foreign Firms
Nigeria's vast lithium deposits, valued at over $34 billion, are primarily being exploited by foreign companies, sidelining local investors from the booming global market. Lithium is a critical mineral for electric vehicle batteries and renewable energy storage, with the global industry generating an estimated $92 billion in annual revenue. Despite significant deposits across states like Nasarawa, Kaduna, and Kogi, Chinese firms like Avatar and Ganfeng have taken the lead, establishing large processing facilities and exporting the raw mineral. Industry experts warn that Nigeria is missing out on major economic benefits. They cite a lack of local capacity, high investment risks, insecurity in mining regions, and insufficient government support as key reasons why Nigerian investors are not participating significantly. The Miners Association of Nigeria has urged the government to provide incentives for local investors and ensure foreign companies are not allowed […]
