As Nigeria’s oil reserves begin to run out after decades of crude oil exploitation, the West African country is turning to another valuable resource – lithium. There is a growing global demand for this “white gold”, necessary for the production of batteries for electrical appliances, electric vehicles and renewable energy storage.
Nigeria is estimated to have significant lithium resources, but the country’s mining industry is currently underdeveloped. Furthermore, the government must tackle the problem of resource theft, support the sustainable development of the mining industry and ensure that foreign players add value to the domestic market. rian of lithium to guarantee its success.
Many international energy companies are looking to emerging oil markets, such as Ghana in Africa and Guyana in the Caribbean, by financing large new “low-cost” projects. “carbon emissions” that they hope will provide them with decades more oil. This has led energy companies to show less interest in formerly strong oil markets, as their oil reserves become depleted. There have been further complications in Nigeria, with oil companies having to deal with the crime of oil theft, which has ravaged the industry for several years.
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