Nigeria is steadily emerging as one of Africa’s most promising lithium frontiers, with growing investor interest in the strategic mineral raising expectations that the country could unlock billions of dollars in export earnings, attract fresh industrial investments and accelerate its transition from an oil-dependent economy to a diversified mining powerhouse.
Industry analysts, speaking with BusinessDay on Monday, estimate that, if Nigeria develops a fully integrated lithium value chain—from exploration and mining to refining and battery component manufacturing—the country could realise several billions of dollars annually in export revenues over the long term.
Global demand for lithium is projected to increase sharply over the next two decades as electric vehicle production, renewable energy storage and consumer electronics continue to expand.
According to the International Energy Agency, demand for lithium could grow by more than 40 times by 2040 under ambitious global clean-energy scenarios, placing countries with commercially viable deposits in a strategic position to benefit from the energy transition.
Geological experts say Nigeria’s lithium resources, largely concentrated within the Nigerian Basement Complex, present a significant opportunity to diversify government revenue, generate employment, attract foreign direct investment and boost non-oil exports, provided exploration, value addition and regulatory oversight are effectively managed.
