FG Flags Off Lagos Gold Refinery, Prepares $600m Lithium Plant in Nasarawa

The Federal Government has announced the commencement of operations at a high-purity gold refinery in Lagos and confirmed that a $600 million lithium processing plant in Nasarawa State is ready for commissioning, marking a major boost for Nigeria’s solid minerals sector.

The Minister of Solid Minerals Development, Dr. Dele Alake, made this known on Tuesday during talks with Saudi Arabia’s Minister of Industry and Mineral Resources, Ibrahim Al-Khorayef, ahead of the Future Minerals Forum in Riyadh, Saudi Arabia.

Alake said the projects reflect the Federal Government’s value-addition policy aimed at reducing the export of raw minerals and increasing local processing to strengthen Nigeria’s position in global mineral supply chains.

According to him, the Lagos refinery, which is already operational, produces gold of very high purity, while three additional gold refineries are currently at different stages of development across the country. He added that the lithium processing facility in Nasarawa, valued at $600 million, is set to be commissioned, signalling Nigeria’s readiness to take advantage of the growing global demand for critical minerals.

“These projects show that Nigeria’s value-addition policy is yielding results. We are moving away from exporting raw materials and focusing on in-country beneficiation to create jobs, attract investment and grow the economy,” Alake said.

The minister noted that lithium, gold and other critical minerals are central to Nigeria’s economic diversification drive and its participation in global energy transition supply chains.

He also expressed Nigeria’s willingness to deepen cooperation with Saudi Arabia, especially in areas such as capacity building, technology transfer, training of mining professionals and mineral exploration.

“There are areas where Saudi Arabia has strong expertise and others where Nigeria has clear advantages. We want to build partnerships that are fair, mutually beneficial and focused on practical outcomes,” he said.

Alake disclosed that a joint working group made up of Nigerian officials and members of the Saudi Chamber of Commerce has been active since the 2025 edition of the Future Minerals Forum and is expected to submit its report during the current meeting.

He said mineral traceability, environmental and social standards, and mine-site rehabilitation had been identified as priority areas for collaboration, noting that proper traceability would help build investor confidence in Nigeria’s mining sector.

In his remarks, Al-Khorayef described Nigeria as a long-standing partner of Saudi Arabia and supported the call for concrete and actionable agreements in the solid minerals sector. He suggested that the joint working group should prepare a draft memorandum of understanding for possible signing at the forum.

The Saudi minister also encouraged Nigeria to use the platform to highlight investment opportunities in its mining industry, while noting that the country could benefit from Saudi Arabia’s experience in adopting advanced mining technologies.

Nigeria has in recent years intensified reforms in the mining sector, including efforts to curb illegal mining, strengthen regulation and attract investment through incentives and a renewed focus on local processing. The Federal Government believes that expanding refining and processing capacity is key to unlocking greater value from the nation’s mineral resources.