Lithium race: Will Nigeria secure strong investments?

Investors worldwide are closely eyeing Africa's lithium deposits, and Nigeria is positioned to play a significant role in the global race towards electric vehicles and renewable energy solutions. With over 20 million tons of proven lithium reserves, Nigeria holds a key stake in the development of critical minerals essential for future technologies. Mustapha Audu, the CEO of Electric Motor Vehicle Company (EMVC), shared insights on Nigeria's potential in the lithium sector during a recent interview on CNBC Africa. Nigeria's lithium reserves, particularly in states like Kogui, Nasarawa, and Niger, highlight the country's crucial position in driving sustainable development through strategic investments. As the largest e-mobility player in Nigeria, EMVC emphasizes the need for lithium-ion batteries, underscoring the importance of leveraging local resources for economic growth and technological advancement. Audu emphasized the significance of value addition in the lithium sector, citing the importance of local processing to create jobs, ensure safe mining practices, and promote sustainability. By aligning policies to incentivize local and foreign investments, Nigeria can establish itself as a key player not only in Africa but also globally. EMVC's near-term plans focus on integrating advanced technology, such as battery management systems, into their vehicle fleet. Additionally, the company aims to venture into lithium battery recycling, addressing the sustainability aspect of lithium utilization. By strategically identifying their position in the lithium value chain, Nigeria can pave the way for comprehensive development in the renewable energy sector. The interview also shed light on Nigeria's initiatives in expanding electric vehicle charging infrastructure. By collaborating with state governments and deploying charging stations, EMVC is facilitating the transition towards electric mobility. Audu highlighted the untapped potential of solar energy for charging, emphasizing the accessibility of electric vehicle technology in regions with ample sunlight. As Nigeria navigates the challenges and opportunities in the lithium market, Audu's insights underscore the importance of holistic development strategies that prioritize local value addition, technology integration, and sustainability. With the right policies and strategic partnerships, Nigeria can secure strong investments in the lithium sector and emerge as a pivotal player in the global shift towards renewable energy solutions.