Dele Alake, Minister of Solid Minerals, on Thursday, revealed that two Lithium factories are ready for takeoff in the 2nd quarter of 2025.
Alake stated this at the BusinessDay Solid Minerals Conference, with the theme: “Building a Resilient Mining Sector in Nigeria; Leveraging Diplomacy, International Partnership and Regulatory Coherence.”
Speaking on successes recorded by the current administration in the mining sector, Alake disclosed that “the two Lithium factories will be commissioned this second quarter of 2025, with the first, located in Abuja, investing $700m and another one in Nasarawa, investing $600m.”
Speaking further on efforts to sanitise Nigeria’s solid mineral sector, he said the government was strengthening efforts to encourage illegal miners legalise their operations, adding that within a year, over 250 cooperatives have been formed with about 50 coming on board monthly, to reduce illegal mining.
According to Alake, the efforts have continued to yield the much-needed benefits, creating about 27000 jobs for artisanal miners, in over 90 mine sites freed by the Mining Marshalls.
He also revealed that Nigeria’s Community Development Agreement (CDA) has become a toast amongst African countries, including South Africa, who are now replicating the Nigerian model developed by the President Bola Tinubu administration, created to benefit the host communities.
“These African countries are now replicating these plans and incorporating it into their own system.”
Alake recalled how he introduced innovative technology in advancing Nigeria’s solid minerals development.
Also speaking on the Nigeria Mining Company (NMC), Alake said the company has been formed as a special purpose vehicle to drive investments in the solid minerals sector
“At the inception of this administration, we discovered that Nigeria did not have a vehicle to help us have a slice of the Nigeria solid minerals pie, the Nigerian people did not have a stake in the sector,” he said.
He noted that the structure of the NMC will be different, based on the experience from previous government efforts at running it. According to him, government business should be better managed.
He disclosed that Nigerians will get 25% investment, the Federal Government will own 25% and the private sector will hold a 50% equity in the company.
“We are recalibrating our own structure which is being put together as we speak.
“So, if the private sector is owning 50% equity, you can be rest assured that the private sector will bring its influence to ensure that the company is run in a more effective and efficient manner,” he said.
Alake who described exploration as an expensive business, however, commended President Tinubu for approving a huge budget for the Solid Minerals Ministry under the 2025 budget.