Nigeria Launches Gold Refinery, Advances $600m Lithium Plant in Value-Addition Push

The Federal Government has announced the start of operations at a high-purity gold refining plant in Lagos, as part of a strategic shift to boost local mineral processing.

The Minister of Solid Minerals Development, Dele Alake, revealed this during a meeting with Saudi Arabia’s Minister of Industry and Mineral Resources, Ibrahim Al-Khorayef, in Riyadh. Alake stated that three more gold refineries are under development and a $600 million lithium processing plant in Nasarawa State is ready for commissioning.

According to the minister, these projects mark a concrete move to implement the government’s policy of adding value to minerals within Nigeria, rather than exporting raw materials. The goal is to reposition the country as a major hub for critical minerals needed for the global green energy transition.

Alake expressed Nigeria’s interest in strengthening collaboration with Saudi Arabia, particularly in areas like capacity building, technology transfer, and mineral exploration.

In response, Minister Al-Khorayef reaffirmed Saudi Arabia’s partnership with Nigeria and proposed drafting a formal agreement on solid minerals development. He encouraged Nigeria to use international forums to attract Saudi investment and adopt advanced mining technologies.

The development underscores Nigeria’s ongoing efforts to reform its mining sector, attract investment, and leverage its mineral resources for economic diversification.