Nigeria has begun operations at a high-purity gold refinery in Lagos and is preparing to commission a $600m lithium processing plant in Nasarawa State.
The Minister of Solid Minerals Development, Dr Dele Alake, disclosed this 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.
Alake revealed the projects indicate early gains from the government’s value-addition policy, which aims to reduce exports of raw minerals and position Nigeria within global supply chains for critical resources.
“Nigeria’s value-addition policy is already yielding tangible results, with a gold refining plant of very high purity now operational in Lagos, three additional gold refineries at various stages of development, and a $600 million lithium processing plant in Nasarawa State ready for commissioning,” he said.
According to a statement by his media aide, Segun Tomori, the meeting focused on translating earlier engagements between both countries into concrete cooperation in solid minerals development.
The minister said the operational Lagos refinery and the lithium facility underline the government’s determination to prioritise in-country beneficiation rather than the export of unprocessed minerals.
He added that lithium, gold and other critical minerals are central to Nigeria’s strategy to diversify the economy and support global energy-transition value chains.
Alake also disclosed Nigeria’s interest in expanding collaboration with Saudi Arabia, particularly in areas where both countries have complementary strengths.
“There are areas of comparative advantage where Saudi Arabia excels and others where Nigeria has strengths. We are keen on structuring agreements that will enable us to engage meaningfully and constructively,” he said, identifying capacity building, training of mining professionals, technology transfer and mineral exploration as priority areas.
He explained that Nigeria’s vast landmass hosts deposits of critical minerals and rare earth elements, adding that the Future Minerals Forum provides an opportunity to refine partnerships based on fairness, equity and mutual benefit.
Alake recalled that a joint working group involving officials from Nigeria and the Saudi Chamber of Commerce has been active since the 2025 edition of the forum and is expected to submit its report before the end of the current meeting.
He said mineral traceability, Environmental, Social and Governance standards, and mine-pit remediation have been identified as priority areas for cooperation, adding that traceability strengthens investor confidence and should be backed by clear timelines and strong monitoring mechanisms.
In his remarks, Al-Khorayef described Nigeria as a longstanding ally of Saudi Arabia and agreed on the need for practical, actionable agreements in solid minerals development.
He proposed that the joint working group prepare a draft memorandum of understanding (MoU) for possible signing on the sidelines of the forum, while urging Nigeria to use the platform to showcase investment opportunities in its mining sector.
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 emphasis on local processing.
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