Nigeria attracts $1.3bn Chinese lithium investment amid push for clean energy value chains

Speaking at the 2025 China Mining Conference in Tianjin, themed “Connect and Collaborate, Co-Build and Co-Share”, Alake praised the growing partnership between Nigeria and China, highlighting how the new wave of investments is helping to reshape the continent’s mineral economy.

“Since September 2023, when this administration assumed office, Chinese companies such as Canmax Technology, Jiuling Lithium, Avatar New Energy Nigeria Company, and Asba have invested over $1.3 billion in lithium processing,” Alake stated in a press briefing released by his media aide, Segun Tomori.

According to the minister, these investments are reducing Nigeria’s dependence on oil, driving economic diversification, and fostering technology transfer and skills development among Nigerian engineers.

“Joint ventures between Chinese and Nigerian companies enhance local capabilities and create new technical jobs for our people,” he added.

Building a continental mining renaissance

Alake, who also serves as Chairman of the Africa Minerals Strategy Group (AMSG), stressed that Africa must collaborate to establish unified standards and knowledge systems that enable the continent to benefit from its rich mineral deposits fully.

He disclosed that Nigeria has undertaken sweeping reforms to attract investors, including the creation of Mining Marshals and a satellite monitoring system to combat illegal mining and protect licensed operators.

The minister also cited the introduction of technology-based tools such as the Electronic Mining Cadastre (eMC+) and the Nigerian Mineral Resources Decision System (NMRDS), which streamline licensing and mineral data management.

Africa’s green value chain vision

Alake reaffirmed that Nigeria’s goal extends beyond mineral extraction. “Our vision is not only to extract minerals but to build a globally competitive value chain that supports clean energy transition, job creation, and industrial growth—all within the framework of responsible mining,” he said.

He further invited investors and partners to explore opportunities in Nigeria’s lithium, gold, lead-zinc, barite, and rare earth sectors, promising a conducive business climate and incentives for shared prosperity.

With over $1.3 billion already flowing into its lithium ecosystem, Nigeria is emerging as one of Africa’s new frontiers for green mineral investment, signaling a broader continental shift toward resource-based industrialization and sustainable growth.

By Segun Adeyemi, Business Insider Africa

Nigeria’s Air Peace Launches Heathrow Flights

Nigeria’s aviation and aerospace development minister Festus Keyamo vowed that his country is undergoing a transformation and is intent on growing connections between the West African economic powerhouse and the world.

Keyamo spoke after he arrived on the inaugural Air Peace Boeing 777-200ER flight from Nigeria’s capital Abuja to London Heathrow on Oct. 26.

“This is an historic moment,” he said. “International airlines have been coming to Nigeria for nearly 90 years on some routes, lifting passengers back and forth without our operators fully participating. Under our BASAs [Bilateral Aviation Safety Agreements] we had rights too, but no capacity, no access, no slot at Heathrow. Today, that changed.”

In Africa, Nigeria is a dominant economic force, competing with South Africa and Egypt for the top spot on the continent. It has Africa’s largest population, which provides a massive domestic market and a large labor force. It has had no national carrier for two decades, and there has been much speculation, argument and legal action over attempts to launch one.

Meanwhile, privately owned airlines have been growing successfully in Nigeria. Air Peace has expanded under the leadership of Chairman and CEO Allan Onyema, who has demanded that Nigerian airlines should have the same rights and access as foreign ones.

When he won the license to fly from Lagos to London Gatwick last year it was seen as a milestone, but for Onyema it was just a small step, and he pushed for access to Heathrow.

Onyema found an ally in minister Keyamo, who opened diplomatic channels with the British government and other countries to gain access. But he also turned internally to Nigeria’s fractured airline industry and a beleaguered regulator to cooperatively push to meet and exceed global standards.

“It has been a dogged leadership by [Keyamo] to get support for local airlines to meet the highest standards. We have worked with the UK CAA to make an impact, and now the regulator support to oversight is robust,” said Chris Ona Najomo, the director general of the Nigeria Civil Aviation Authority (NCAA).

Najomo said Nigeria has embarked on comprehensive infrastructure upgrades, including the modernization of airport terminals, expansion of cargo and logistics networks, and integration of innovative technologies to enhance safety and operational efficiency. Moves, Najomo said, that would support the industry.

Keyamo argues that the new links between London and Nigeria are just the start. “We need that connectivity. We are proud of our flag carriers,” he said. “We will hold them to the highest of standards and will help them open routes.”

Speaking on the sidelines of the Heathrow event, the minister told Aviation Week that he and the NCAA had met privately with lessors and financiers to share their progress. “We have signed and implemented the Cape Town Convention,” he said. “We have guaranteed that we will ensure assets are returned within days.”

With greater confidence in the government guarantees and an improvement in safety and operational regulation, Keyamo believes there will be a boost for Nigerian carriers.

Does this put an end to the talk of a government-owned national flag carrier?

“It is still talked about,” Keyamo said, “but every good economy thrives on the wealth and wellbeing of the private sector, the greatest employer of labor and engine of growth. We have done all we can within our powers to give our local operators the muscle and leverage for fair competition.”

“The mortality rate in our aviation sector for more than 40 years has been very high. Over 100 airlines have come and gone. We have had a clear mandate from President Bola Ahmed Tinubu to ensure that we support the growth, sustenance, and competitiveness of our local operators,” the minister said.

Now with 30 aircraft, Air Peace is West Africa’s largest carrier. As well as London routes, the airline also flies to Istanbul and Jeddah. Toyin Olajide, the carrier’s chief operating officer, emphasized the airline’s connectivity to the major West African capitals in Cameroon, Cote D’Ivoire, Ghana and Senegal.

By Alan Peaford, Aviation Week

Nigeria records over $50bn cryptocurrency transactions in 1 year

The Securities and Exchange Commission (SEC) says over $50 billion worth of cryptocurrency transactions flowed through Nigeria between July 2023 and June 2024.

The Director-General of SEC, Emomotimi Agama, said in a notice on Sunday that the situation raised concern over the low participation of citizens in the traditional capital market.

Agama said no fewer than four per cent of the country’s adult population were active investors.

The director-general described the low participation rate as a major impediment to economic growth and capital formation.

He noted that, while fewer than three million citizens invested in the capital market, more than 60 million engaged daily in gambling activities, spending an estimated $5.5 million every day.

"This reveals a paradox, an appetite for risk clearly exists, but not the trust or access to channel that energy into productive investment," he said.

Agama also lamented that Nigeria’s market capitalisation to Gross Domestic Product ratio stood at about 30 per cent, far below South Africa’s 320 per cent, Malaysia’s 123 per cent, and India’s 92 per cent.

He said the disparity highlighted the urgent need to deepen financial inclusion and rebuild investors’ confidence.

Nigeria’s $150 billion annual infrastructure deficit far exceeds the market’s contribution, with only N1.5 trillion approved in Public Private Partnership bonds.

"This shows a misalignment between financial innovation and national priorities," he said.

The director-general called for a ‘reimagined SEC’ that served as both regulator and enabler of private-sector-driven growth.

Business Day

Nigeria refinery aims to be world's biggest with expansion

Nigeria's Dangote oil refinery, already the largest in Africa, aims to become the biggest in the world in three years' time with an expansion doubling its capacity, its owner said on Sunday.

"We are more than doubling the barrels (per day)... to 1.4 million from 650,000," said Aliko Dangote, a Nigerian businessman who is Africa's richest person.

"This will make it the largest refinery" globally, surpassing India's Jamnagar Refinery, he told a news conference in Lagos.

The privately run Dangote refinery, which started operations last year, is a gamechanger for Nigeria, which previously had to import almost all its petrol despite being a major oil producer.

After years of neglect and mismanagement of public refineries, Dangote has shaken up the corruption-marred players in Nigeria and driven down prices of petrol for consumers.

"This expansion reflects our confidence in Nigeria's future, our belief in Africa's potential and our commitment to building energy independence for our continent," and reduce import dependence, Dangote said, adding there was "quite a lot of demand" from west Africa and east Africa.

Dangote also exports aviation fuel, mainly to the United States, Europe and Brazil.

The Dangote refinery, which has sparked monopoly fears as it becomes a powerful player itself, plans to list on the Nigerian Stock Exchange next year.

"That is a step towards broader ownership and market transparency," said Dangote.

A second privately owned refinery, BUA, is under construction by another Nigerian billionaire, Abdulsamad Rabiu.

Recent strikes

Recent moves by the Dangote refinery to bring its own, natural gas-powered trucks to distribute petrol in the country in September sparked a strike by a fuel tanker drivers' union, which accused the company of hiring new drivers on the condition they didn't join a union.

The refinery denied the allegations.

The refinery suffered a two-day strike that ended October 1 after government mediation.

The PENGASSAN oil and gas workers' union accused the refinery of firing 800 local workers because they unionised, and replacing them with 2,000 workers from India.

The refinery called the allegation false, and said it had fired an unspecified number of workers over "acts of sabotage".

Dangote on Sunday thanked the federal government for its role "in mediating our recent disruptions at the (refinery), linked to union activities and some sabotage attempts".

Nigeria pumps an average of 1.5 million barrels of oil per day, according to OPEC, but it is still short of its two million bpd target.

AFP

Video - Nigeria’s poultry industry faces struggles

Nigeria's poultry industry, a key contributor to the nation's agricultural GDP, is under pressure due to rising production costs, weak policies, and recurring disease outbreaks. Experts warn that without government intervention, the industry may lose its growth momentum.

CGTN Africa