Foreign Direct Investment Impact of Lithium in Nigeria

According to Dr. Abdulrazaq Garba, Director-General of the Nigeria Geological Survey Agency (NGSA), Nigeria possesses high-grade lithium resources that will attract more international investors and strengthen the economy of the country and boost foreign direct investment (FDI).

Garba, who made this statement in Abuja during a press briefing, explained that the agency has begun several projects aimed at generating data, particularly on critical minerals that will encourage the much-needed investment that can boost investors' interest in the mining sector. 

Garba said that this will attract the much-needed investment that can spur investors' interest in the mining sector.

Speech of the Director-General of NGSA Concerning Lithium Boosting FDI

The Director-General of NGSA mentioned that the commission is making efforts to have a monitoring station in all zones across Nigeria for the purpose of effective monitoring of seismic occurrences, and he added that the seismograms are accessible for academic study as well as earthquake monitoring.

According to Garba, "At the moment, NGSA is working on building such a database for other mineral commodities. Also, the agency has seismic monitoring stations in the states of Abuja, Nasarawa, Kaduna, and Kwara."

"What we want to do is we are projecting to concession the areas that are free through the Nigeria Mining Cadastre Office (NMCO) so that interested investors can get license and data and take it to the next level. " "What we want to do is we are projecting to concession the areas that are free through the Nigeria Mining Cadastre Office."

These are the factors that we are taking into consideration and attempting to improve in order to guarantee that the data we provide is of benefit to investors.

He also added that the lithium found in Nigeria is highly sought after. Throughout the course of the National Integrated Mineral Exploration Project (NIMEP), the mineral was discovered in various different sections of the nation. After doing an investigation, we came up with an analysis and found that the lithium in Nigeria is of a high grade.

"Another benefit of investing in lithium in Nigeria is that it is located in hard rock, which is exactly what investors in other countries are seeking." "We even had a talk with some private firms with mining licenses in Nigeria and they ran experiments on lithium and we also partnered with Canada on that as well," he added. "We also had a discussion with some private companies with mining licenses in Nigeria."

FAQs

Which state in Nigeria have lithium?

Kogi, Nasarawa, Kwara, and Plateau are some of the states in the north that have been found to contain lithium. In the south, Oyo, Ekiti, and Cross River are states that have lithium.

How much is lithium in Nigeria?

As of right now, one LITH of lithium costs about 0.57 NGN.