Investors scramble for Nasarawa lithium
Investors scramble for Nasarawa lithium
Nasarawa State Governor, Abdullahi Sule, has painted a picture of a state on the cusp of an industrial revolution, fueled by a recent surge in foreign investment and the discovery of significant lithium deposits.
Governor Sule made the announcement during the unveiling of the Nasarawa Investment Summit (#NIS2024), with “The Industrial Renaissance” as theme. He highlighted the summit as a reflection of the state’s aspirations to usher in a new
era of industrialization, built upon a foundation of key strategic policies.
Sule said a surge of interest from foreign investors, particularly from Russia, Japan, and China, all drawn to the state’s recently discovered lithium reserves. He described the phenomenon as a “lithium rush,” similar to the historical gold rushes that transformed landscapes in the past. “We’ve had meetings with numerous potential foreign partners interested in Nasarawa’s lithium; we’ve met with a Russian delegation, the Japanese ambassador, and three Chinese investors; everyone is eager to move forward with lithium processing in the state,” Sule said.
The governor said Nasarawa’s lithium is particularly attractive due to its exceptional purity. This purity makes it even more valuable for industrial applications. Sule highlighted a key policy implemented three years ago that mandates mining
companies to establish processing facilities within the state. This policy, according to the governor, has directly contributed to the recent surge in investment. The foreign investors will own the lithium companies 100 per cent and “not through a public-private partnership.”
The governor further noted that over 1,000 Nasarawa indigenes are already employed at the processing facility, with additional Nigerians working in key areas like the laboratory, where expertise in mineral identification is crucial. While welcoming foreign direct investment (FDI), Sule said the state’s preference for long-term partnerships over short-term ventures. “We don’t want quick fixes. We want investors committed to Nasarawa’s medium and long-term development. We’re not interested in setting a benchmark on the amount of Foreign Direct Investment (FDI), but on the nature of the investment,” he said.
The governor also announced ongoing drilling operations for potential oil and gas reserves within the state. He expressed optimism about the project’s nearing completion stage and the prospect of a future oil and gas industry in Nasarawa. The governor described the upcoming Investment Summit as a platform for fostering collaboration between stakeholders, including government, industry leaders, investors, development partners, and political leaders. He said a specific focus on supporting the state’s numerous small and medium-sized enterprises (MSMEs).
