More Jobs for Nigerians as FG Confirms 4 Lithium Plants Are Being Built
- The Minister of Budget and Economic Planning, Atiku Bagudu, has disclosed that about four lithium plants are being constructed nationwide
- He said the Nigerian economy has sparked investment interests, leading to a $3 billion pledge from Brazilian investors
- He stated that the government is making serious moves to boost food production by injecting N1.5 trillion into the agricultural sector
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The minister of Budget and Economic Planning, Atiku Bagudu, has revealed that four lithium plants are being constructed across the country to enhance the solid minerals industry.
The minister disclosed this during a recent television interview, saying the Nigerian government has budgeted N1 trillion to support domestic production.
Source: Twitter
FG moves to revitalise solid minerals sector
According to the minister, the government has created the solid minerals sector and the steel ministry but needs funding to move them to bigger production.
He said the N1 trillion will cause more activity in the solid minerals sector, stressing that four lithium plants are being built across Nigeria.
He cited the deal-signing ceremony between the Kebbi State government and MSM Cement Limited to construct three million metric tonnes of cement plant.
Bagudu said the Nigerian government is engaging investors globally and attracting enough interest in Nigeria’s agricultural sector.
He revealed that President Bola Tinubu secured $3 billion in investments from Brazilian investors for livestock production.
Saudi Arabia invests in Olam
He also stated that Saudi Arabia and a Livestock Investment Company have indicated interest and increased their stakes in Olam, a Nigerian agricultural company.
The minister said government officials met with the investors in Saudi Arabia, where they discussed Nigeria as a prospective investment destination after Brazil.
Reports say Bagudu said that Nigeria has recorded a robust harvest across several states, leading to the government allocating N1.5 trillion to enhance agricultural production.
He asked Nigerians to expect a bumper harvest in many states due to increased security and favourable weather conditions.
The budget minister said the government's investment in agriculture has given further impetus to pump more funds into the sector to modernise agricultural production from the artisanal level.
FG to recapitalise Bank of Agriculture with N1.5trn
Bagudu revealed that about N1.5 trillion is being set aside in the budget to recapitalise the Bank of Agriculture to drive wealth creation.
It is hoped that with the recapitalisation, the funding challenge by traditional lenders will be solved, Bagudu stated.
He revealed that the Minister of Finance, Wale Edun is leading plans to ensure big private sector investors can come into the industry.
He revealed that the initiatives aim to boost agricultural production, especially those impacted by recent reforms by the government and rising funding costs.
Going by the minister’s assertions, Nigeria is becoming an investment haven for several companies.
74 Chinese companies to invest in Nigeria
Legit.ng earlier reported that over 70 Chinese firms have shown interest in investing in Nigeria’s oil and gas industry.
The companies are part of the 216 firms from the Asian country interested in investing in various sectors of Nigeria’s economy.
The disclosure was by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Monday, March 10, 2025.
The House Committee Chairman on the Nigeria-China Relationship, Jaafaru Yakubu, revealed this during a meeting with the NUPRC chief executive, Gbenga Komolafe.
About 216 Chinese firms to invest in Nigeria
He disclosed that the committee members were at the NUPRC to explain the commission’s management of ongoing efforts by the Nigerian government to boost the trade balance between Nigeria and China.
Source: Getty Images
The committee chair disclosed that due to the recent Nigeria-China Relationship Agreement, about 216 Chinese firms showed interest in investing in Nigeria, out of which 74 opted for the oil and gas sector.
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According to the statement, the 74 companies focused specifically on the oil and gas industry, showing a significant boost for the industry.
Full list of Nigeria’s largest trading partners
Legit.ng earlier reported that some of Nigeria’s largest trading partners in the last quarter of 2024 came from Asia.
China and India emerged as Nigeria’s largest import sources in the fourth quarter of 2024.
The latest trade report from the National Bureau of Statistics (NBS) shows that China remains Nigeria’s top import partner, followed by India.
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Source: Legit.ng
Pascal Oparada (Business editor) For over a decade, Pascal Oparada has reported on tech, energy, stocks, investment, and the economy. He has worked in many media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng
Kola Muhammed (Copyeditor) Kola Muhammed is an experienced content strategist who has overseen content and public relations strategies for some of the biggest (media) brands in Sub-Saharan Africa.
