Nigerian govt launches Lagos gold refinery, prepares $600m lithium processing plant

The Minister of Solid Minerals Development, Dr. Dele Alake, on Tuesday emphasized that the establishment of lithium processing and gold refining facilities across Nigeria is positioning the country as a leading minerals hub in Africa and a key global partner in minerals essential for the transition to green energy.

Dr. Alake made the disclosure during a meeting with the Saudi Arabian Minister of Industry and Mineral Resources, Mr. Ibrahim Al-Khorayef, ahead of the Future Minerals Forum, FMF, in Riyadh, Saudi Arabia.

According to the minister, Nigeria’s value-addition policy is already producing concrete outcomes. He revealed that a high-purity gold refinery is now operational in Lagos, with three additional refineries at various stages of development, while a $600 million lithium processing plant in Nasarawa State is ready for commissioning.

Dr. Alake commended Saudi Arabia for its role in promoting collaboration among governments across Africa, the Middle East, Asia, and Europe through the FMF. He expressed Nigeria’s eagerness to deepen its partnership with the Kingdom, leveraging each nation’s comparative strengths in solid minerals development.

“There are areas where Saudi Arabia excels and others where Nigeria has advantages,” Dr. Alake said.

“We are keen to structure agreements that foster meaningful and constructive engagement. Key focus areas include capacity building, training of mining professionals, technology transfer, and exploration, where Saudi Arabia has demonstrated expertise,” he added.

He further highlighted Nigeria’s vast mineral wealth, including critical minerals and rare earth elements vital to the global economy. He stressed the importance of using the FMF platform to establish actionable partnerships grounded in fairness, equity, and mutual benefit.

Reflecting on engagements following the 2025 FMF, Dr. Alake disclosed that a joint working group comprising Nigerian officials and the Saudi Chamber of Commerce has been active over the past year. The group’s report is ready and is expected to be presented before the conclusion of the current forum.

The minister also underlined the need for collaboration on mineral traceability, Environmental, Social and Governance, ESG, standards, and mine-pit remediation.

He explained that traceability strengthens investor confidence and should be a core feature of any partnership, alongside clearly defined implementation timelines and effective monitoring and evaluation mechanisms.

In response, Minister Al-Khorayef reaffirmed Saudi Arabia’s longstanding partnership with Nigeria and highlighted the importance of developing a practical and actionable agreement on solid minerals development.

He proposed that the working group draft a memorandum of understanding based on prior engagements, with a view to signing it on the sidelines of the FMF.

He also encouraged Nigeria to showcase investment opportunities in its mining sector to Saudi investors and urged African nations to adopt advanced mining technologies, noting that Nigeria could benefit significantly from Saudi Arabia’s experience and progress in this field.