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
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