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ARTICLE · 15 JUNE 2023

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Lithium – A Potential Game Changer For The Nigerian Mining Sector

KPMG in Nigeria
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Nigeria is blessed with over forty-four (44) identified solid mineral resources in commercial quantities. Yet, the contribution of the mining Sector to the country's gross domestic product...

NigeriaEnergy and Natural Resources
Peter Nwaobi
Peter Nwaobi
Francis Nzene
Francis Nzene

Nigeria is blessed with over forty-four (44) identified solid mineral resources in commercial quantities. Yet, the contribution of the mining Sector to the country's gross domestic product (GDP) has remained less than 1% in each of the past five (5) successive years – although, it has consistently grown over the same period to 0.85% in 2022 (from 0.19% in 2018). The government has designated seven (7) of the mineral resources as "strategic" for focused development, due to their commercial reserves1 and their capacity to accelerate overall economic diversification and development. The strategic minerals are Coal, Bitumen, Limestone, Iron Ore, Barites, Gold and Lead/Zinc. In June 2022, global attention was focused on Nigeria when high grade varieties of lithium was discovered in some parts of the country. Since then, several investors have indicated interest in exploring the mineral and / or directly purchase it. What is the trigger for the global interest in lithium?

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