Nigeria pitches $600m lithium and gold projects to Saudi investors

Nigeria is positioning itself as Africa’s next major minerals hub after rolling out a $600 million lithium processing plant and multiple gold refineries, part of a strategy to make the country a key global supplier of materials needed for the green-energy transition.

The PUNCH reports that Nigeria's minister of Solid Minerals Development, Dele Alake, disclosed the developments during a meeting with Saudi Arabia’s Minister of Industry and Mineral Resources, Ibrahim Al-Khorayef, ahead of the Future Minerals Forum in Riyadh.

The projects, he said, represent the most concrete outcome yet of Nigeria’s policy to end the export of raw minerals and build domestic processing capacity.

“Nigeria’s value-addition policy is already yielding tangible results, with a gold refining plant of very high purity now operational in Lagos, three additional gold refineries at various stages of development, and a $600 million lithium processing plant in Nasarawa State ready for commissioning,” Alake said

Why Nigeria’s mining pivot matters for Africa

This new phase follows years of government efforts to dismantle illicit mining networks, particularly in gold-rich states such as Zamfara and Niger, where terrorist groups and criminal syndicates had turned illegal mining into a major funding source.

Nigeria is estimated to hold about 757,000 ounces of gold, potentially worth up to $1.4 billion, with at least 17 states hosting notable deposits.

The government has deployed security forces, tightened licensing, and strengthened oversight of mineral exports, gradually bringing more of the sector under formal control to attract international investment.

Nigeria’s mining push mirrors a broader African trend as countries race to tap demand for gold, lithium and other critical minerals driven by the global energy transition.

While illegal mining persists in parts of Nigeria’s northwest and central regions, Abuja’s strategy which involves combining security enforcement, value addition and foreign partnerships, offers a potential model for resource-rich African economies seeking to move beyond raw exports.

By Solomon Ekanem, Business Insider Africa

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

Nigeria, UAE strike trade pact to scrap tariffs on over 7,000 products

Nigeria has signed a far-reaching trade agreement with the United Arab Emirates that will eliminate tariffs on thousands of products and deepen economic ties between Africa’s largest economy and one of the world’s most dynamic trading hubs.

The Nigeria–UAE Comprehensive Economic Partnership Agreement was signed on the sidelines of Abu Dhabi Sustainability Week, with President Bola Tinubu and UAE President Mohamed bin Zayed Al Nahyan in attendance.

The deal is designed to expand market access for Nigerian exporters, encourage new investment flows, and strengthen Nigeria’s role as a gateway for trade into Africa.

President Tinubu described the agreement as a practical step with direct economic impact. He said it would grant duty-free access for thousands of Nigerian products into the UAE, expand opportunities for exporters and manufacturers, and provide greater certainty for UAE investors looking to back Nigeria’s productive sectors. According to him, the pact supports Nigeria’s industrialisation and diversification agenda while reinforcing its long-term national interest.

The agreement is the outcome of negotiations led by Nigeria’s Minister of Industry, Trade and Investment, Jumoke Oduwole, and her UAE counterpart, Thani bin Ahmed Al Zeyoudi. Tinubu commended both teams for bringing the talks to a conclusion and expressed optimism that the renewed partnership would deliver lasting benefits for both countries.

For Nigerian exporters, the deal represents a significant opening. Oduwole said the UAE will eliminate tariffs on more than 7,000 Nigerian products, including agricultural and industrial goods such as fish and seafood, oil seeds, cereals, cotton, pharmaceuticals, and chemicals. Over the next three to five years, tariffs will also be removed on machinery, vehicles, electrical equipment, apparel, and furniture.

She noted that Nigerian industrial exports now have a clearer and more competitive pathway into the UAE market. Beyond goods, the agreement allows Nigerian businesses to establish operations in the UAE through new corporate entities, branches, and subsidiaries.

Business visitors from Nigeria will be able to enter the UAE for up to 90 days within a year to explore trade and investment opportunities, while managers, executives, and specialists can relocate under renewable three-year arrangements.

On investment, the minister said the agreement removes long-standing constraints that have discouraged foreign direct investment. She added that UAE investors now have clearer rules and protections to invest in Nigeria’s productive sectors, supporting industrial growth, improved logistics, and job creation for Nigeria’s youthful population.

Nigeria has also made commitments under the deal. Oduwole said the country will eliminate tariffs on around 6,000 products, with about 60 percent removed immediately and the remainder phased out over five years. These imports are largely industrial inputs, capital goods, and machinery intended to boost domestic productive capacity, while Nigeria’s import prohibition list will remain in force.

In services, Nigeria’s commitments cover 99 specific services across 10 sectors, including business, communications, transportation, financial services, construction, health, and tourism.

The government has pledged swift implementation, with the Ministry of Industry, Trade, and Investment working alongside agencies such as the Nigeria Customs Service, the Nigerian Export Promotion Council, the Nigerian Investment Promotion Commission, and the Standards Organisation of Nigeria to ensure businesses can fully benefit from the agreement.

Oduwole said the deal was negotiated with the Nigerian private sector in mind, urging businesses to seize the new market access and expand confidently into the UAE and beyond.

By Segun Adeyemi, Business Insider Africa

Nigeria reopens some schools in the north, defying threats of kidnap

Schools across parts of northern Nigeria started reopening on Monday, after months of closure triggered by the abduction of hundreds of students in November.

The abductions last year had underlined the vulnerability of education facilities in a region plagued by criminal gangs and Islamist insurgents.

Schools resumed academic activities this term after the federal government said in a circular last month that enhanced security measures had created a safer environment for students to return. It did not provide details.

In northern Kaduna state, a 17-year-old student said it was difficult for her to return to school after two months away.

"What I love most about our school is being together at lunchtime and spending time with my teachers and friends. I miss it so much," she said at her home before leaving for Federal Government College boarding school in the state.

Her father, Haruna Danjuma, said the decision to return his daughter to school was difficult, but fear of kidnapping should not deprive children of their right to education.

“A child is a gift from Almighty Allah, and it is my responsibility to educate her,” he said. “But it is the responsibility of government to secure the children.”

In Niger State, central Nigeria, where more than 300 students and staff were abducted in November, a majority of the schools remained shut for security reasons, state officials said.

Saint Mary’s Catholic School in the Papiri hamlet was among those that would not reopen yet, the Christian Association of Nigeria said, citing a statement from the state government directing areas facing security challenges to remain closed until further notice.

Explaining the continued closure of schools, Niger commissioner for education Hadiza Mohammed said "the safety of students, teachers, and school communities remains paramount."

By Ahmed Kingimi, Reuters

Nigeria set to pass AI law, among first in Africa to regulate sector

Nigeria is moving to become one of the first African countries to formally regulate artificial intelligence (AI), as lawmakers prepare to pass legislation that would tighten oversight of a fast-growing digital sector long dominated by global technology firms.

The proposed National Digital Economy and E-Governance Bill would give regulators broad powers over data use, algorithms and digital platforms, filling a regulatory gap that has persisted since Nigeria released a draft national AI strategy in 2024.

Lawmakers expect to approve the bill by the end of March.

Under the proposal, higher-risk AI systems — including those deployed in finance, public administration, surveillance and automated decision-making — would face stricter scrutiny. Developers would be required to submit annual impact assessments detailing risks, mitigation measures and system performance.

The bill would also allow regulators to impose fines of up to 10 million naira ($7,000) or as much as 2% of an AI provider’s annual revenue generated in Nigeria, although it does not specify how penalties would be calculated or enforced.

The legislation is designed to regulate AI early rather than retroactively, as adoption accelerates across Nigeria’s financial sector, public services and private industry, according to Kashifu Abdullahi, director-general of the National Information Technology Development Agency (NITDA).

“If passed, Nigeria would be among the first African countries to adopt an economy-wide regulatory framework for artificial intelligence,” Abdullahi said in an interview with Bloomberg.

Several African countries, including Mauritius, Egypt and Benin, have published AI strategies, but few have enacted comprehensive legislation governing the technology.

The proposed law sets ethical standards around transparency, fairness and accountability, and adopts a risk-based approach similar to regulatory frameworks emerging in Europe and parts of Asia. That could reshape how multinational technology companies — from US-based firms such as Google to Chinese cloud providers — operate in Africa’s most populous country.

“In governance, we need safeguards and guardrails to ensure the AI we build operates within acceptable boundaries,” Abdullahi said. “That way, bad actors can be detected and contained.”

The bill would empower regulators to demand information from AI providers, issue enforcement directives and suspend or restrict systems deemed unsafe or non-compliant. It also provides for regulatory “sandboxes”, allowing startups and institutions to test AI systems under supervision in an effort to balance oversight with innovation.

“Regulation is not just about giving commands,” Abdullahi said. “It’s about shaping market and societal behaviour so people can build AI for good.”

By Oluwatosin Ogunjuyigbe, Bussiness Day

US tech billionaire Joe Lonsdale invests $11.8m in Nigerian drone firm to tackle Africa’s insecurity

US tech billionaire and Palantir co-founder Joe Lonsdale has led a $11.8 million investment round in Nigerian drone manufacturer Terra Industries, signalling growing international interest in Africa’s defence technology sector.

The funding round, announced on Monday, January 12, 2026, was led by Lonsdale’s venture firm 8VC, with Alex Moore, a defence-focused partner at 8VC and Palantir non-executive director, joining Terra’s board last year.

Founded in 2024 by Nathan Nwachuku, 22, and Maxwell Maduka, 24, the Abuja-based startup designs and manufactures long and mid-range drones, autonomous sentry towers, and uncrewed ground vehicles.

Terra provides security solutions for infrastructure assets across Africa valued at approximately $11 billion, including hydropower facilities in Nigeria and gold and lithium mining operations in Ghana.

“Africa is industrialising faster than any other region, with new mines, refineries and power plants emerging every month,” said Nwachuku.

“But none of that progress will matter if we don’t solve the continent’s greatest Achilles’ heel, which is insecurity and terrorism.”

The investment comes amid rising threats from extremist groups such as Islamic State and al-Qaeda, which are increasingly active across West Africa.

The Economic Community of West African States has declared a regional state of emergency in response to escalating insecurity.

Terra said the funds will be used to expand manufacturing capacity and accelerate its cross-border security and counter-terrorism operations.

The round also attracted global investors, including Valor Equity Partners, Lux Capital, SV Angel, Leblon Capital, Silent Ventures LLC, Nova Global, and angel investors such as Meyer Malka, managing partner at Ribbit Capital, known for backing fintech firms like Revolut and Credit Karma.

Terra Industries emphasises homegrown innovation, with the majority of its engineering team based in Africa, designing, building, and producing all systems on the continent.

The move positions the company at the intersection of African technological ingenuity and the urgent security demands facing the region.

By Segun Adeyemi, Business Insider Africa