The federal government says it has begun operations at a high-purity gold refinery in Lagos, marking Nigeria’s first major step toward refining precious metals locally instead of exporting them in raw form.
The development was disclosed on Tuesday in a statement by Segun Tomori, media aide to Dele Alake, minister of solid minerals development.
Beyond the Lagos facility, the government says three additional gold refineries are under development in different parts of the country, while a $600 million lithium processing plant in Nasarawa State has been completed and is awaiting formal commissioning.
Speaking during a bilateral meeting with Saudi Arabia’s Minister of Industry and Mineral Resources, Ibrahim Al-Khorayef, Alake said the projects signal a policy shift aimed at retaining more value from Nigeria’s mineral resources.
The meeting was held ahead of the Future Minerals Forum (FMF) scheduled for January 13–15 in Riyadh.
According to the minister, local refining is expected to increase government revenue, create jobs and improve transparency in the mining sector.
“Nigeria’s value-addition policy is yielding results, with a high-purity gold refinery now operational in Lagos,” Alake said.
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Alake said the additional gold refineries under development would help curb illegal mineral exports and strengthen traceability across the gold value chain — a longstanding problem in Nigeria’s mining sector.
He added that expanded refining capacity would improve investor confidence by making mineral production easier to monitor and regulate.
The minister also confirmed that a $600 million lithium processing plant in Nasarawa State has been completed.
According to him, the facility is expected to support battery manufacturing for electric vehicles and renewable energy storage, positioning Nigeria within global clean-energy supply chains.
“A $600 million lithium processing plant in Nasarawa State has been completed and is ready for formal inauguration,” he said.
Alake said Nigeria’s growing processing capacity in lithium and gold places the country as a potential supplier of minerals critical to the global energy transition.
Lithium is a key input for batteries, while gold remains essential in electronics, advanced manufacturing and financial systems.
The minister said Nigeria is seeking deeper cooperation with Saudi Arabia in areas such as technology transfer, geological data management, training and mineral exploration, noting that both countries bring complementary strengths to the table.
“There are areas where Saudi Arabia excels and others where Nigeria has strengths,” Alake said. “We are keen on structuring agreements that enable meaningful and balanced engagement.”
He added that a joint working group formed after the 2025 Future Minerals Forum has concluded its work and will present its findings during the current forum.
Alake also identified mineral traceability, environmental standards and mine-pit remediation as priorities for future partnerships.
“Mineral traceability boosts investor confidence and must anchor partnerships,” he said.