Nigeria is set to become a powerhouse in critical minerals with the Federal Government’s full backing of a $400 million Foreign Direct Investment (FDI).
This landmark deal, led by Hasetins Commodities Ltd, will establish Africa’s largest rare earth and critical minerals processing plant in Nasarawa State, promising to generate over 10,000 jobs nationwide.
Dr. Oladele Alake, the Minister of Solid Minerals Development, lauded Hasetins for aligning with President Bola Tinubu’s vision for value addition in the sector. “This groundbreaking initiative will promote skills transfer and boost the solid minerals sector’s contribution to our economy,” Alake stated, emphasizing its role in spurring investor confidence and taking the jobless off the streets through mineral processing.
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Hasetins Commodities Ltd’s MD/CEO, Prince Jidayi Ijudigal, praised the Minister’s reforms, including the introduction of mining marshals and streamlined licensing, which significantly improved investor confidence. He confirmed plans to expand the plant’s capacity from 6,000 to 18,000 metric tonnes, with regional separation plants also in the pipeline.
This strategic investment marks a pivotal moment for Nigeria’s economic diversification, ensuring in-country processing and beneficiation of vital mineral resources.
It’s a clear sign that the government’s policies are attracting significant foreign investment and setting the stage for substantial job creation and economic growth.
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