Nigeria is actively seeking to attract Western miners as part of its strategy to diversify its economy and reduce its heavy dependence on oil and gas, which currently accounts for over 80% of government revenue. This move comes amidst a backdrop of concerns over Nigeria’s long-term sustainability and economic vulnerability linked to fluctuating oil prices. By developing its mining sector, Nigeria hopes to create new revenue streams and employment opportunities while fostering sustainable economic growth. The government is working to improve the regulatory framework and attract foreign investment, aiming to reshape its economic landscape.

Nigeria, primarily known for its vast oil and gas reserves, is looking to broaden its economic base. The reliance on fossil fuel revenues has exposed the economy to global oil price volatility, prompting the government to explore alternatives such as mining. This shift towards mining aligns with global trends, where many nations are recognising the potential of mineral resources in driving economic development and diversification. Western miners, with their expertise and technology, are seen as crucial partners in this endeavour.

Nigeria’s initiative to engage Western miners represents a significant step towards economic diversification. By leveraging its mineral resources, the country aims to decrease its dependency on oil revenues, create jobs, and ensure greater economic stability. However, the success of this strategy will depend on the effectiveness of regulatory reforms and the ability to attract substantial investments from the global mining industry.

Original Source: www.mining-journal.com

The post Nigeria’s Economic Diversification: Courting Western Miners first appeared on Nigerian Mining News.

At the 3rd annual workshop of the Nigerian Society of Mining Engineers in Kaduna, experts underscored Nigeria’s potential as a leader in green energy, particularly through its lithium resources. Key discussions centred on the significant role of lithium and other essential minerals in the transition to clean energy, highlighting Nigeria’s capacity to generate economic opportunities linked to electric vehicles and renewable energy storage. With abundant lithium reserves in various states, there is optimism that global investors will be attracted, paving the way for job creation and further industrialisation. However, experts stressed that effective management practices are crucial to ensuring that local communities reap equitable benefits from these resources.

The exploration of Nigeria’s mineral wealth, specifically lithium, is increasingly relevant as the world pivots towards sustainable energy solutions. As electric vehicles and renewable energy systems gain traction, the demand for lithium is set to surge. Nigeria’s untapped reserves position it strategically in this renewable energy landscape, making it essential to understand the implications of mining practices on local communities and the broader economy.

In conclusion, Nigeria possesses significant potential to contribute to the green energy sector through its lithium resources. The successful extraction and management of these minerals could attract global investments, enhance job creation, and support industrial growth. Nonetheless, ensuring that local populations benefit equitably remains critical as the country navigates its role in the global energy transition.

Original Source: www.tvcnews.tv

The post Mining Engineers Spotlight Nigeria’s Lithium Potential for Green Energy first appeared on Nigerian Mining News.

Nigeria recently concluded a three-day conference celebrating National Mining Week, highlighting its commitment to enhancing its mining sector. With a focus on attracting investments, the Nigerian government aims to leverage the global increase in mineral demand to diversify its economy. This initiative is part of broader efforts to reduce reliance on oil and tap into the potential of the mining industry to foster economic growth.

The Nigerian economy has been historically reliant on oil exports, making it vulnerable to fluctuating global prices. In light of this, the government is actively seeking to diversify by investing in various sectors, including mining. The National Mining Week conference underscores the government’s dedication to this goal, providing a platform for stakeholders to discuss opportunities and strategies to enhance the mining sector’s contribution to the economy.

In summary, Nigeria’s focus on expanding its mining industry is a strategic move aimed at economic diversification. By capitalising on the global demand for minerals, the country intends to shift its economic dependence away from oil, ultimately fostering sustainable growth and investment in the sector.

Original Source: www.voaafrica.com

The post Nigeria Aims to Expand Mining Sector to Diversify Economy first appeared on Nigerian Mining News.

Nigeria is actively attracting Western miners to reduce its heavy dependence on oil and gas, which constitutes over 80% of its government revenue. This initiative aims to diversify the economy and tap into the country’s rich mineral resources. Nevertheless, skepticism remains regarding Nigeria’s track record in governance and regulatory issues, which may deter potential investors. The embrace of mining opportunities could lead to significant economic benefits if the government addresses these challenges effectively.

Nigeria’s economy heavily relies on oil and gas, exposing vulnerabilities to fluctuations in global energy prices. In a strategic shift, the government seeks to bolster its mining sector and lessen this dependence by exploiting the country’s extensive mineral wealth. This approach not only aims to enhance revenue streams but also create jobs and foster economic stability in the region.

The Nigerian government’s efforts to engage Western miners signify a pivotal move towards economic diversification. By successfully navigating existing challenges, Nigeria could enhance its standing as a mining destination, ultimately fostering growth in other sectors beyond oil and gas.

Original Source: www.mining-journal.com

The post Nigeria Courts Western Miners to Diversify Economy Beyond Oil and Gas first appeared on Nigerian Mining News.

Nigeria’s ambition to establish a valuable supply chain for critical minerals, particularly lithium, is receiving an important boost from Sabi, a Lagos-based e-marketplace startup. Sabi has formed partnerships with Italy’s Snowball Holdings and US-based Transition Resources to set up lithium processing plants in Nigeria. Chief Executive Officer Anu Adasolum noted that Sabi will facilitate regular supplies from small-scale lithium miners and provide logistics and quality control services required for mineral exports. Each plant is projected to process up to 1,000 tons of lithium daily, with the US as the primary export market. The drive to move up the value chain in mineral processing also reflects a region-wide effort among African countries to secure better economic returns from their natural resources. The International Energy Agency anticipates that lithium demand could surge 13-fold by 2040, prompting Nigeria to bolster its local processing capabilities. This year, Nigeria has seen the opening of two local processing plants by Chinese firms, indicating a growing foreign investment interest in Nigeria’s lithium sector. Sabi’s role as a facilitator harnesses its experience as an intermediary in other sectors, seeking to generate substantial revenue through mineral exports. Through its proprietary software called TRACE, Sabi can provide exporters with compliance data essential for meeting international ethical sourcing standards. The company operates without physical assets, relying instead on its digital platform to facilitate transactions. Financially, Sabi earns revenue through shares of the processing plant’s exported mineral value, while also offering the option for them to purchase inputs directly from local miners. The growing focus on lithium in Africa parallels similar developments elsewhere, such as Chile’s SQM collaborating with Andrada Mining in Namibia to create a vertically integrated lithium industry.

Nigeria aims to transform its economy through the development of a value-added supply chain for critical minerals such as lithium, cobalt, and copper used extensively in renewable energy technologies. With an expected increase in lithium demand due to the transition to clean energy, African nations like Nigeria are keen to ensure they reap more benefits from their resource wealth. Companies are keen on establishing local processing plants, which could significantly increase the value of exports, doubling Nigeria’s economic returns.

Nigeria’s push to develop its lithium processing capabilities is symbolised by Sabi’s partnerships with international companies, aiming to boost local supply chains while creating economic opportunities. As global demand for lithium surges, Nigeria is strategically positioned to enhance its mineral processing sector, contributing to both job creation and greater economic returns. With further investments and innovations in technology, Nigeria could achieve significant advancements in its mineral industry, ensuring a more sustainable economic future for its citizens.

Original Source: www.semafor.com

The post Nigeria’s Lithium Sector Boosted by E-Marketplace Startup Sabi first appeared on Nigerian Mining News.