By Muhammad Mamman
Nigeria’s government has launched a new gold refinery in Lagos as part of a broader push to diversify the economy away from oil, while also announcing plans for a $600m lithium processing plant aimed at tapping the country’s growing solid minerals sector.
The gold refinery, located in Lagos, is expected to strengthen local value addition by processing raw gold mined within the country, reducing dependence on exports of unrefined minerals and boosting foreign exchange earnings. Officials say the facility will also help curb illegal gold exports and improve transparency across the mining value chain.
Alongside the refinery’s launch, the government disclosed preparations for a large-scale lithium processing plant valued at about $600m. Lithium, a critical mineral used in batteries for electric vehicles and renewable energy storage, has attracted increasing global demand, positioning Nigeria to benefit from the clean energy transition.
Authorities say the planned lithium facility will focus on processing locally sourced lithium, creating jobs and attracting foreign and domestic investment into the mining sector. The project is also expected to support downstream industries and enhance Nigeria’s role in global critical mineral supply chains.
The developments form part of the federal government’s wider strategy to unlock the economic potential of solid minerals, increase non-oil revenue, and promote industrialisation. Nigeria is believed to have significant deposits of gold, lithium and other strategic minerals across several states.
Analysts say the success of the projects will depend on consistent policy implementation, infrastructure development and regulatory stability, as Nigeria competes with other resource-rich countries for investment in the global mining and energy transition space.
