The Federal Government says it has commenced operations at a high-purity gold refining plant in Lagos.
This is according to a statement issued on Tuesday by Segun Tomori, media aide to the Minister of Solid Minerals Development, Dr Dele Alake.
Aside from the Lagos refining plant, the federal government announced progress on three additional gold refineries at different stages of development across the country and a $600 million lithium processing plant in Nasarawa State that is ready for commissioning.
What the Minister is saying
Aleke said the developments mark a major step in Nigeria’s drive to reposition itself as Africa’s leading minerals processing hub, moving decisively away from the export of raw minerals.
He said “the projects underscore the success of the Federal Government’s value-addition policy, which aims to boost revenue, create jobs and strengthen Nigeria’s competitiveness in the global mining industry”.
According to the statement, Aleke spoke during a bilateral meeting with Saudi Arabia’s Minister of Industry and Mineral Resources, Mr Ibrahim Al-Khorayef, ahead of the Future Minerals Forum (FMF) scheduled to be held in Riyadh from January 13 to 15.
The statement said the meeting focused on strengthening cooperation in minerals development and industrialisation.
“Nigeria’s value-addition policy is yielding results, with a high-purity gold refinery now operational in Lagos,” Alake said.
More gold refineries, reduced illegal exports
The minister disclosed that three additional gold refineries are currently at various stages of development and are expected to significantly reduce illegal mineral exports while improving traceability across the value chain.
He noted that the expanding refining capacity would enhance transparency and strengthen investor confidence in Nigeria’s solid minerals sector.
$600m lithium plant ready for inauguration
Alake further revealed that a $600 million lithium processing plant in Nasarawa State has been completed and is awaiting formal commissioning.
“A $600 million lithium processing plant in Nasarawa State was completed and ready for formal inauguration,” he said.
According to him, the facility is expected to support battery production value chains, particularly for electric vehicles and renewable energy storage, while attracting additional foreign and local investments.
Positioning Nigeria for the green energy transition
Alake said the emerging lithium and gold processing plants are positioning Nigeria as a critical global partner in minerals required for the green energy transition.
He noted that lithium and gold play strategic roles in electric vehicles, renewable energy storage systems and advanced manufacturing worldwide.
Strengthening Nigeria–Saudi Arabia collaboration
The minister commended Saudi Arabia for expanding collaboration opportunities across Africa, the Middle East, Asia and Europe through the Future Minerals Forum, which he described as a vital platform for aligning national strategies with global mineral supply needs.
He said Nigeria was eager to deepen partnerships with Saudi Arabia by leveraging areas of comparative advantage.
“There are areas where Saudi Arabia excels and others where Nigeria has strengths.
“We are keen on structuring agreements that enable meaningful, balanced and constructive engagement,” Alake said.
Priority areas for cooperation
According to the minister, priority areas for collaboration include capacity building, training of mining professionals, technology transfer and mineral exploration.
He noted that Saudi Arabia has demonstrated strong expertise in exploration technologies and geological data management, while Nigeria’s vast landmass holds abundant critical minerals and rare earth elements.
Alake recalled that following FMF 2025, a joint working group with the Saudi Chamber of Commerce sustained engagements throughout the year, adding that the group’s report is now ready for presentation before the close of the current forum.
Focus on traceability and ESG standards
The minister also identified mineral traceability, environmental, social and governance (ESG) standards, and mine-pit remediation as key areas for future collaboration.
“Mineral traceability boosts investor confidence and must anchor partnerships, alongside clear timelines and robust monitoring mechanisms,” he said.
What you should know
- Gold is projected to maintain its upward trajectory, surging by 15-30% in 2026, according to a new outlook released by the World Gold Council.
- The precious metal delivered a standout performance in 2025, recording more than 50 all-time highs and generating returns of over 60%.