The Federal Government has announced the commencement of operations at a high-purity gold refinery in Lagos and disclosed plans to commission a $600 million lithium processing plant in Nasarawa State, as part of efforts to position Nigeria as a major minerals hub in Africa.
The Minister of Solid Minerals Development, Dr. Dele Alake, made the disclosure on Tuesday during a meeting with Saudi Arabia’s Minister of Industry and Mineral Resources, Ibrahim Al-Khorayef, ahead of the Future Minerals Forum (FMF) in Riyadh, Saudi Arabia.
Alake said Nigeria’s value-addition policy in the solid minerals sector is beginning to yield tangible results, noting that beyond the Lagos gold refinery already in operation, three additional gold refineries are currently at different stages of development across the country.
He further revealed that the $600 million lithium processing plant located in Nasarawa State is ready for commissioning, describing it as a major milestone in Nigeria’s drive to attract investment into minerals critical to the global energy transition.
According to the minister, the establishment of processing and refining facilities for lithium, gold and other critical minerals is positioning Nigeria as a strategic global partner, particularly in the supply of resources required for green energy technologies.
Alake praised Saudi Arabia for fostering collaboration among countries in Africa, the Middle East, Asia and Europe through the FMF platform, and expressed Nigeria’s readiness to deepen cooperation with the Kingdom in solid minerals development.
He said Nigeria is keen on structuring mutually beneficial agreements with Saudi Arabia, focusing on capacity building, training of mining professionals, technology transfer and mineral exploration, areas in which Saudi Arabia has demonstrated strong expertise.
The minister highlighted Nigeria’s vast endowment of critical minerals and rare earth elements, stressing the need to translate dialogue at the FMF into practical partnerships based on fairness, equity and mutual benefit.
He disclosed that following engagements after the 2025 FMF, a joint working group comprising Nigerian officials and the Saudi Chamber of Commerce has been active over the past year, with its report now ready for presentation before the close of the current forum.
Alake also underscored the importance of cooperation in mineral traceability, environmental, social and governance (ESG) standards, and mine-pit remediation, noting that transparent traceability systems boost investor confidence and should be central to any partnership framework.
In his response, Saudi Arabia’s Minister of Industry and Mineral Resources, Ibrahim Al-Khorayef, reaffirmed the Kingdom’s long-standing relationship with Nigeria and called for the development of a practical and actionable agreement on solid minerals cooperation.
He proposed that the joint working group draft a memorandum of understanding based on previous engagements, with the aim of signing it on the sidelines of the FMF, while encouraging Nigeria to actively showcase mining investment opportunities to Saudi investors.