Nigeria’s successive governments have emphasized the necessity of diversifying the economy, which had previously relied solely on oil and gas, particularly since the beginning of the present democratic system. Such discussions, however, have mostly remained theoretical. The intended outcomes have not been attained despite efforts in that direction. Some recent events have proven to demonstrate that there is a compelling and urgent need to wean the nation off of its reliance on oil and gas.
Like the majority of Nigerians, this publication is of the opinion that the availability of petrodollars, which ensures that administrations have easy money to toss around, is at the root of the perceptibly words without action scenario in terms of diversifying the economy. All of that will need to change as current circumstances forcefully emphasize the requirement for the three tiers of government, particularly those in charge of the country’s economy, to start making the enormous step toward true economic diversification.
More focus is needed in exploring untapped mineral resources.
Our well-considered opinion is that the Nigerian government needs to put more effort into discovering the plentiful but largely untapped mineral riches dispersed across all states of the federation if it is to achieve its much-discussed goal of diversifying the country’s economy away from oil. In fact, there are very few states in the federation that do not have access to some sort of mineral resource. Unfortunately, it seems that everyone in the country is concentrated on oil and gas, therefore little to nothing is mentioned about effectively using other minerals. One of these resources is lithium, which is now valued at $78,000 a ton and is expected to be used in 94% of the tech batteries produced worldwide over the course of the next ten years.
Although the states of Nasarawa, Kogi, Kwara, Ekiti, and Cross River in Nigeria are richly endowed with commercial quantities of lithium, artisanal miners and other people who engage in the illegal harnessing of this priceless resource are the ones making a big profits from it while the country continues to lose its justifiable revenue. For example, even though Nasarawa, Kogi, Kwara, Ekiti, and Cross River states have enormous lithium deposits, they, like the majority of states in the federation, are unable to survive three months without funding from the federal government adding the startling levels of poverty and youth unemployment in these states.
Current demand for Lithium is expected to triple by 2040.
There is no denying the need for the government to create rules to regulate the exploration, mining, manufacture, and exportation of lithium in Nigeria given the rising global acceptance of electric vehicles and the significant likelihood of an increase in demand for lithium. It is imperative for Nigeria to fully capitalize on lithium’s advantages because it is progressively becoming a strategic economic resource of major global significance with the potential to dramatically influence world wealth and economies in the future decades.
World Bank predicts that the demand for lithium will triple by 2040. If exploration and processing are properly handled, these processes can build industries, generate employment, increase government revenue through foreign exchange, and eventually expand the economy. As a result, the Nigerian government must put in place the necessary mechanism for its efficient exploration. It is obvious that as technology advances, the world is moving toward a time when lithium battery-powered electric vehicles will inevitably take over the market share that fossil fuel-powered vehicles currently have. The government needs to give lithium exploration top priority if Nigeria is to participate in this field!
Government must effectively harness the vast mineral resources.
The majority of Nigerians want an economy with stable wealth distribution and redistribution, as would be expected. To guarantee this, the government must effectively harness the vast mineral resources and ultimately ensure the deployment of funds accruable from such ventures to critical sectors like education, health, infrastructure, power and security among others. To generate the urgently required funds, Nigeria must position itself to play a significant role in the mining, production, and export of lithium.
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Give Lithium exploration top priority – Nigeria is richly endowed with Lithium, in commercial quantities. – Express your point of view.
It will actually be a good thing to give lithium exploration a top priority. I’m sure it is an element that can be used to do a lot of things.
I can say, Nigeria is the blessed country across the world.There is no mineral you can talk about that is not present here but the major problem is corruption not accountability of the people in government to do the right thing.
Nigeria is richly endowed with Lithium, in commercial quantities. We are really blessed with some many natural resources but corruption from government is bring the country down
I think I will be greatly beneficial for the country if the government can focus and invest awesomely on all mineral resources subsector in general. It could generate a huge sum and boost the the economy.
Nigeria is, in my opinion, the luckiest nation on Earth. Every conceivable mineral may be found here; the problem, however, is not a lack of resources but rather a lack of accountability on the part of government officials.
The government needs to give lithium exploration top priority. Let’s explore it’s market again. I’m sure Nigeria will gain it lost wealth. Hopefully, our leaders to be would be God fearing enough to keep balance.
Since the inception of the current democratic system in Nigeria, successive governments have placed significant emphasis on the requirement of diversifying the country’s economy, which had previously been dependent mainly on oil and gas production.
Exploration for lithium should be a high priority for the government. Re-investigate its market potential, please. I have no doubt that Nigeria will recoup its lost wealth.
Recent occurrences have shown that there is a compelling and urgent need to wean the country off of its dependency on oil and gas. These incidents have shown to demonstrate that this need exists.
Despite the efforts that have been put into the right direction, the desired results have not been achieved.
We are bless with many resources but we are not utilize it well that will benefit our country if we utilize this resources it will improve our economy, now we have lithium make we make use of in a good way that will benefit the country
This magazine, along with the vast majority of Nigerians, is of the opinion that the availability of petrodollars, which ensures that administrations have cheap money to throw around, is to blame for the country’s economic woes.
All of this will have to alter since the present conditions firmly underscore the demand for all three levels of government, particularly those in control of the economics of the country.
Adding the shocking levels of poverty and young unemployment that exist in these areas, the majority of the states that make up the federation are unable to operate without funds from the federal government for a period of three months.
All of this will need to change since the present conditions firmly underscore the necessity for the three levels of government, notably those in charge of the economics of the country, to begin taking the massive step toward genuine economic diversification.
We have been given a wealth of natural resources, but we are wasting them. If we put them to good use, however, our country’s economy would flourish. One such resource is lithium, which we should now put to good use.
When we talk of a country that is blessed with mineral resources, Nigeria is that one sure country but bad governance has led us to where we are today. Now we are talking about lithium in commercial quantity. Corruption and greediness will not allow the success of the project.
Several natural resources have been discovered in the country but what is the government doing about? Now lithium has been discovered to be of commercial quantity but what is the government going about it.
If the government can concentrate and make outstanding investments in the entire mineral resources industry generally, I believe it will be very helpful for the nation. It might produce a significant sum and strengthen the economy.
We are blessed with a variety of resources, but we don’t always use them in ways that will benefit our nation. For example, now that lithium is available, we should use it wisely to advance the nation’s interests.