Federal Government Launches High-Purity Gold Refinery in Lagos
- The FG has launched a high-purity gold refinery in Lagos, with three more gold refineries under development across Nigeria
- A $600 million lithium processing plant in Nasarawa State is also set for commissioning
- Nigeria is strengthening collaboration with Saudi Arabia on capacity building, technology transfer, and exploration
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The federal government has announced the commencement of operations at a high-purity gold refining plant in Lagos, with three additional gold refineries at different stages of development across the country.
The government also revealed that a $600 million lithium processing plant in Nasarawa State is ready for commissioning.
Source: Facebook
The Minister of Solid Minerals Development, Dele Alake, disclosed this on Tuesday, January 13 describing the projects as tangible outcomes of the government’s value-addition policy in the mining sector.
He said the initiatives are repositioning Nigeria as Africa’s leading minerals hub and a strategic global partner in critical minerals essential for the green energy transition, Punch reports.
FG to work with Saudi Arabia
Alake made the remarks during a meeting with Saudi Arabia’s Minister of Industry and Mineral Resources, Ibrahim Al-Khorayef, ahead of the Future Minerals Forum in Riyadh.
A statement by the minister’s Special Assistant on Media, Segun Tomori, said the discussions focused on deepening bilateral cooperation in solid minerals development and translating prior engagements into actionable outcomes.
According to Alake, the operational Lagos refinery and the forthcoming lithium plant underscore Nigeria’s determination to shift from exporting raw minerals to in-country processing and beneficiation.
He said:
“Nigeria’s value-addition policy is already yielding tangible results, with a gold refining plant of very high purity now operational in Lagos, three additional gold refineries at various stages of development, and a $600 million lithium processing plant in Nasarawa State ready for commissioning."
The minister also emphasised Nigeria’s eagerness to strengthen partnerships with Saudi Arabia, leveraging areas of comparative advantage such as capacity building, training of mining professionals, technology transfer, and exploration.
He also highlighted Nigeria’s vast landmass and abundance of critical minerals and rare earth elements vital to the global economy.
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Alake noted that a joint working group of officials from Nigeria and the Saudi Chamber of Commerce had been active over the past year and would present its report before the end of the current forum.
He identified mineral traceability, Environmental, Social and Governance (ESG) standards, and mine-pit remediation as key areas for collaboration, stressing that traceability boosts investor confidence and should guide all partnerships.
Saudi Arabia ready to work with Nigeria
In his remarks, Minister Al-Khorayef reaffirmed Nigeria’s status as a longstanding ally of Saudi Arabia and supported the development of a practical agreement on solid minerals. He also encouraged Nigeria to showcase investment opportunities at the Future Minerals Forum and adopt advanced mining technologies.
Nigeria has intensified efforts in recent years to reform its mining sector, curb illegal operations, and attract investment through incentives, improved regulations, and a renewed focus on local processing of minerals.
The government sees lithium, gold, and other critical minerals as central to diversifying the economy and supporting global clean-energy value chains amid rising worldwide demand for batteries and renewable energy inputs.
Swiss bank profits from gold price surge
Earlier, Legit.ng reported that Switzerland's central bank on Friday reported a profit of 12.6 billion Swiss francs ($15.7 billion) for the first nine months of 2025, boosted by soaring gold prices and rising stock markets.
The Swiss National Bank's gold holdings were unchanged, but their value skyrocketed as investors rushed to buy the precious metal as economic and geopolitical uncertainties drove prices to record highs.
At the end of September, the price of a kilogramme of gold stood at 98,024 Swiss francs, compared to 76,011 francs at the end of December 2024.
Source: Legit.ng
