Lithium Exploration: A Growing Interest for Investors in Nigeria
Dr. Dele Alake, the Minister of Solid Minerals Development, recently provided insights to the Senate committees on Appropriations and Solid Minerals regarding the heightened interest of international investors in exploring Nigeria’s Lithium deposits. This marks a significant advancement, as the attention towards Lithium has exceeded that of other mineral deposits within the country.
Dr. Alake has shed light on the substantial attention garnered by the potential of solid minerals in Nigeria, emphasizing the sector’s capacity to emerge as the next ‘petroleum’ of the nation. In order to fully capitalize on this opportunity and effectively convert resources into revenue to enhance the nation’s Gross Domestic Product (GDP), it is imperative to establish foundational principles.
In this regard, Dr. Alake has stressed the need for sustainable infrastructure and a proactive strategy to combat illegal mining and other undesirable practices. The Minister’s 7-point agenda, geared towards fostering the development of solid minerals, has laid the groundwork for progress in the sector.
One of the critical aspects highlighted by Dr. Alake is the significance of generating geoscientific data to enable investors to make well-informed decisions. He has underscored the necessity for precise data concerning the quantity and distribution of mineral resources across the country, as this is crucial for attracting major players in the sector. However, he has also acknowledged the financial constraints and technical limitations involved in generating such data, pointing to the dependence on international assistance and the need for budgetary allocations to support these efforts.
In response to the Minister’s presentation, Sen. Ekong Samson, the Chairman of the Senate Committee on Solid Minerals, has expressed support for the development of the sector and has affirmed the committee’s dedication to realising the potential of solid minerals in Nigeria.
This encouraging development highlights the increasing interest among investors in Nigeria’s lithium reserves and the broader potential of the solid minerals sector. With the support of governmental backing and strategic investments, there is a clear trajectory for solid minerals to assume a central role in shaping the country’s economic landscape.
