FG Unveils Gold Refinery, Prepares $600m Lithium Plant
- The Federal Government had confirmed the launch of a high-purity gold refinery in Lagos and progress on three additional refineries nationwide
- A $600 million lithium processing plant in Nasarawa state had been declared ready for commissioning to support local mineral processing
- Nigeria and Saudi Arabia had agreed to deepen cooperation in mining through technology transfer, training, and exploration partnerships
The federal government has confirmed the start of operations at a high-purity gold refinery in Lagos, alongside progress on three additional gold refineries and a $600 million lithium processing plant in Nasarawa State that is ready for commissioning.
Officials say the projects signal a decisive shift toward local processing of solid minerals and stronger participation in global clean energy supply chains.
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The Minister of Solid Minerals Development, Dele Alake, disclosed this during a meeting with Saudi Arabia’s Minister of Industry and Mineral Resources, Ibrahim Al Khorayef, held ahead of the Future Minerals Forum in Riyadh.
The engagement focused on expanding bilateral cooperation and converting earlier discussions into measurable outcomes.
Value addition drives mining transformation
Alake said the operational refinery in Lagos and the forthcoming lithium facility reflect the government’s policy of ending dependence on raw mineral exports. He stated that domestic processing improves revenue retention, creates skilled jobs, and strengthens industrial capacity.
“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 said.
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He added that Nigeria intends to deepen collaboration with Saudi Arabia in areas where both countries have complementary strengths. The minister pointed to training, technology transfer, and mineral exploration as practical entry points for joint projects.
“There are areas of comparative advantage where Saudi Arabia excels and others where Nigeria has strengths. We are keen on structuring agreements that will enable us to engage meaningfully and constructively.
“Priority areas include capacity building, training of mining professionals, technology transfer, and particularly exploration, where Saudi Arabia has demonstrated some expertise,” Alake stated.
He also referenced Nigeria’s extensive landmass and abundance of critical and rare earth minerals required for modern manufacturing and energy transition technologies. He said the Future Minerals Forum provides a platform to align partnerships with fairness, equity, and mutual benefit.
Saudi partnership targets concrete outcomes
Alake disclosed that a joint working group involving Nigerian officials and the Saudi Chamber of Commerce has remained active since the previous edition of the forum and is expected to present its report before the end of the current gathering.
He identified mineral traceability, environmental and social standards, and mine pit remediation as priority areas for cooperation, noting that traceability builds investor confidence and strengthens accountability.
Minister Al Khorayef reaffirmed Saudi Arabia’s longstanding relationship with Nigeria and supported the development of a practical agreement framework. He proposed that the working group prepare a draft memorandum of understanding for possible signing during the forum and encouraged Nigeria to showcase its mining investment opportunities to Saudi investors.
Tinubu's govt gives mining companies deadline
Earlier, Legit.ng reported that the Minister of Solid Minerals Development, Dr. Dele Alake, had given mining and quarrying companies licensed by the Nigerian Mining Cadastral Office until December 31, 2025, to conclude the Community Development Agreements with host communities.
Alake issued the deadline following the review of the performance of companies on the Community Development Agreement in the first six months of this year.
Source: Legit.ng
