4 min read
Key Insights:
- Thor Explorations Ltd has reported “significant” intersections of mineralised pegmatites during its search for lithium in Nigeria. With the global lithium market valued at over $37 billion, this presents an opportunity for Nigeria to tap into the market and reduce its dependence on petroleum production.
- The forecasted growth in the electric vehicle market, which relies on lithium-based batteries, creates a demand for lithium. Nigeria’s lithium deposits can potentially meet this demand and contribute to the country’s economic diversification.
- In order to fully exploit the potential of the lithium sector, Nigeria needs to address issues such as illegal mining, poor government policies, and insecurity. Formalizing the sector and promoting legal and responsible mining practices will be crucial.
Why it matters:
Tapping into the global lithium market presents a significant opportunity for Nigeria to diversify its economy, reduce its dependence on petroleum, and attract investments. Developing the lithium sector can also create job opportunities and contribute to sustainable development. However, addressing the challenges and implementing necessary reforms will be crucial to fully realize the potential of Nigeria’s lithium resources.
3 min read
Key Insights:
- The Nigerians in Diaspora Commission (NIDCOM) and the University of Ibadan (UI) have signed an MoU to establish the first African Diaspora Resource Centre, funded by TETFUND. The centre aims to bring glory and fame to Nigeria by serving as an international centre of excellence for diaspora studies and facilitating research, cooperation, and policy formulation.
- The establishment of the Centre of Excellence is seen as a welcome development by the Vice-Chancellor of the University of Ibadan, who highlights the importance of involving the diaspora in the development of Nigeria and the potential benefits it can bring to the country.
- The Centre will be managed by the Diaspora and Transnational Studies Unit of the Institute of African Studies and will foster international cooperation with regional and international institutions, organize research activities, and receive research funding from TETFUND for a 10-year research program on ‘Decriminalizing the Global Nigerian Diaspora’.
Why it matters:
The establishment of the African Diaspora Resource Centre is a significant step towards engaging Nigerians in the diaspora and utilizing their knowledge, resources, and expertise for the development of Nigeria. The centre’s focus on diaspora studies, research, and international cooperation can contribute to policy formulation, cultural exchange, and socio-economic development. By harnessing the potential of the diaspora, Nigeria can tap into a valuable resource and strengthen its global connections.
1 min read
Key Insights:
- Oluwadamilola Sansadeen, a marine sciences student from the University of Lagos, received a U.S. Consulate Public Diplomacy grant and participated in a training program on permaculture and sustainable food systems at Kansas State University.
- Sansadeen’s experience in the United States provided her with practical skills and knowledge in creating sustainable agricultural systems, highlighting the importance of embracing sustainable agriculture for Nigeria’s food security.
- The collaboration between Sansadeen and Kansas State University exemplifies the U.S. government’s commitment to fostering academic and cultural exchange, promoting innovative solutions to global challenges.
Why it matters
The opportunity for Sansadeen to receive training in sustainable agriculture in the United States showcases the importance of international collaboration and knowledge sharing in addressing global challenges like food security. By supporting initiatives like these, the U.S. government and educational institutions contribute to the development of innovative solutions and the growth of young minds in their respective fields. ***
10 min read
Key Insights:
- The prevailing harsh economic situation in Nigeria, with high inflation and struggling businesses, calls for adaptive leadership from President Bola Ahmed Tinubu and other government leaders.
- The concept of the blue economy, which focuses on sustainable use of ocean resources for economic growth, presents a significant opportunity for Nigeria to diversify its economy and increase revenue.
- Establishing a Ministry of Blue Economy or Ocean Affairs would consolidate and streamline the various sectors involved in the blue economy, promote transparency and accountability, and provide an alternative source of revenue away from oil.
Why it matters:
The economic challenges in Nigeria require strong and adaptive leadership to navigate through uncertainties. Embracing the potential of the blue economy can contribute to economic growth, job creation, and environmental sustainability. Establishing a dedicated ministry for the blue economy would ensure effective coordination, maximize the benefits of ocean resources, and reduce dependence on oil revenue.
9 min read
Key Insights:
- The article discusses the challenges faced by GlaxoSmithKline Consumer Nigeria Plc (GSK) and proposes potential solutions to rescue the company amidst financial losses and contract terminations.
- The Nigerian pharmaceutical market has significant growth potential, driven by factors such as a growing population, increasing health awareness, and import restrictions fostering local industry. Expanding the market and focusing on local sourcing, exports, and cheaper production costs can contribute to the company’s revival.
- Collaboration with herbalists, exploring renewable power solutions, and leveraging government support and bank assistance are additional avenues to consider in revitalizing GSK.
Why it matters:
The potential decline of a company like GSK in Nigeria’s pharmaceutical sector has significant implications for job security, healthcare access, and the economy. Implementing innovative solutions and exploring new avenues for growth can help rescue the company, safeguard livelihoods, and contribute to the development of the pharmaceutical industry in Nigeria. It is crucial to leverage local resources, tap into emerging markets, and seek support from various stakeholders to ensure the sustainability and success of the company.
2 min read
Key Insights:
- Nigeria is ready to join the second phase of the Guided Trade Initiative (GTI) by the African Continental Free Trade Area (AfCFTA), which aims to facilitate trade between interested state parties and boost the nation’s economic growth.
- The GTI will focus on reducing trade barriers, streamlining customs procedures, improving infrastructure, and promoting value-addition in key industries. Nigeria’s commitment to AfCFTA is crucial in achieving its economic goals and objectives.
- Integration of Micro, Small & Medium Enterprises (MSMEs) into a larger supply chain through the GTI will enable their growth and access to bigger markets.
Why it matters:
Joining the second phase of the Guided Trade Initiative within the African Continental Free Trade Area is a significant step for Nigeria towards enhancing trade relations, reducing barriers, and promoting economic growth. By participating in the initiative, Nigeria can attract more funds, strengthen its industries, and create opportunities for the growth of MSMEs. This aligns with the country’s goal of achieving economic advancement and industrialization, contributing to overall socio-economic development.
2 min read
Key Insights:
- The Federal Government plans to partner with Nasarawa State to implement a lithium processing policy that will encourage local processing of lithium instead of exporting it raw. This initiative aims to promote the production of batteries for electric vehicles and energy storage applications within Nigeria.
- Nasarawa State is known to have significant lithium deposits, and companies from China and other countries have expressed interest in investing in lithium processing in the state. The governor of Nasarawa State envisions Nigeria becoming one of the largest lithium producers in the world.
- The collaboration between the Federal Government, Nasarawa State, and NASENI (National Agency for Science and Engineering Infrastructure) is crucial for coordinating efforts, attracting investments, and establishing a lithium processing and battery production plant in the state.
Why it matters:
The partnership between the Federal Government and Nasarawa State in implementing a lithium processing policy has the potential to transform Nigeria into a major player in the lithium industry. By processing lithium locally, Nigeria can create employment opportunities, attract investments, and develop a domestic battery production industry. This initiative aligns with the global shift towards renewable energy and electric vehicles, positioning Nigeria to benefit from the growing demand for lithium-based technologies. It is a significant step towards diversifying Nigeria’s economy and reducing dependence on oil.
