Nigeria eyes metals refining

Nigeria's Minister of Foreign Affairs, Yusuf Tuggar, recently unveiled plans for the country to venture into metals refining, specifically targeting lithium, to harness the potential in battery manufacturing and electric mobility. In an exclusive interview with CNBC's Tanvir Gill, Tuggar shed light on Nigeria's strategies for gas exploration, debt management, and economic progress. Reflecting on the country's democratic journey, Tuggar emphasized the importance of a robust Nigeria to support regional security and Africa's stability. He highlighted Nigeria's transition to democracy since 1999, showcasing seven successful elections that underscore its democratic credentials. Tuggar called for international recognition of Nigeria's democratic strides and advocated for the country to access necessary resources to fortify its security apparatus. Turning to economic partnerships, Tuggar welcomed India's $14 billion investment commitment despite domestic economic challenges, citing opportunities in IT, digital technology, and business process outsourcing that Nigeria aims to leverage. Tuggar reassured stakeholders of Nigeria's determination to overcome trade imbalances and foster economic growth akin to India's developmental trajectory. Addressing concerns over policy continuity amidst domestic political contestations, Tuggar affirmed Nigeria's commitment to rule of law, separation of powers, and respect for judicial decisions. Defending the country's democratic ethos, Tuggar acknowledged legal avenues available for contesting electoral outcomes and remained optimistic about Nigeria's institutional resilience. Responding to queries on Nigeria's oil policy, Tuggar outlined plans to enhance oil and gas exploration, with a primary focus on domestic gas production to meet energy demands. With stringent targets in place, Nigeria aims to elevate its gas output significantly and revitalize its oil sector to boost production levels. Furthermore, Tuggar underscored Nigeria's priority on mining sector revival and metals refining, particularly lithium, to support the global shift towards clean energy and electric vehicles. Emphasizing collaboration with international partners for metals refining initiatives, Tuggar projected ambitious goals to achieve significant milestones within the administration's term. Tuggar elaborated on Nigeria's investment-friendly ecosystem, offering tax incentives, economic zones, and business support frameworks to attract private capital for sustainable growth. Discussing Nigeria's debt profile and ties with China, Tuggar dispelled concerns regarding loan terms and highlighted Nigeria's strategic negotiation approach to safeguard its interests and ensure sustainable partnerships. Emphasizing mutual benefits in Nigeria-China relations, Tuggar affirmed the country's resolve to manage debt responsibly while capitalizing on infrastructure investments to foster economic development. Nigeria's forward-looking agenda underscores its commitment to innovation, sustainability, and economic resilience in the global landscape.