A high-purity gold refining plant has commenced operations in Lagos, with three more still in the developmental stage in different parts of Nigeria, while a $600 million lithium processing plant will soon be commissioned in Nasarawa. Solid minerals minister Dele Alake disclosed this on Tuesday.

Mr Alake announced this in a meeting with the Saudi Arabian Minister of Industry and Mineral Resources, Ibrahim Al-Khorayef, ahead of the Future Minerals Forum in Riyadh, according to a statement by his spokesman, Segun Tomori.

“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,” said Mr Alake. “There are areas of comparative advantage where Saudi Arabia excels and others where Nigeria has strengths. We are keen on structuring agreements that will enable us to engage meaningfully and constructively.”

Mr Alake said Nigeria’s priority areas of collaboration with the country include mineral traceability, environmental, social, and governance standards, as well as mine-pit remediation.

He also mentioned that, following the 2025 edition of the forum, a joint working group from Nigeria and the Saudi Chamber of Commerce, which had been active over the past year, would present its report before the end of the current forum.

Expressing his support for the proposed agreement on solid minerals development, Mr Al-Khorayef urged the working group to draft an MOU based on previous engagements for its signing, while also advising Nigeria to take advantage of the forum to promote investment opportunities in its mining sector to Saudi investors.