Tinubu Administration Set to Enter Nigeria’s $37 Billion Lithium Market as Thor Explorations Confirms Deposits

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Nigeria, Africa’s largest economy, could make strides in the global lithium market valued at over $37 billion. Thor Explorations Ltd. announced that initial drilling results from its lithium exploration have yielded significant findings of mineralized pegmatites.

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Segun Lawson, the President and CEO of Thor Explorations, expressed optimism about the results, stating, “We are extremely encouraged by the first set of results from our initial drilling campaign, which was designed to confirm the development of lithium-bearing minerals within pegmatite bodies.”

Thor Explorations, a Canadian mineral exploration company, is active in Nigeria, Senegal, and Burkina Faso. The company holds a 100 percent interest in the Segilola Gold Project in Osun State and has secured over 600 square kilometers of exploration tenure in Nigeria, particularly in Oyo, Kwara, and Ekiti States.

Olisa Agbakoba, a key stakeholder in law, has urged the newly appointed AGF, Lateef Fagbemi, to prioritize certain crucial reforms. These include unbundling the Economic and Financial Crimes Commission (EFCC) and creating a separate prosecution entity. Agbakoba also highlighted the need for constitutional review and the decentralization of the police force.

Agbakoba stressed, “Urgent reforms of the criminal justice system, specifically addressing the confusion arising from duplicated responsibilities between law enforcement agencies, particularly the EFCC and ICPC, are imperative.” He emphasized the importance of modernizing outdated laws and expediting justice, proposing the establishment of specialized dispute resolution agencies.

The call to unbundle the EFCC aligns with Fagbemi’s earlier statements during his ministerial screening. He advocated for separating investigative and prosecutorial functions within the EFCC and ICPC.

Nigeria’s untapped lithium potential presents a promising opportunity for the country to enter the growing lithium market. With increasing demand for lithium-based power due to the electric vehicle (EV) market’s growth, Nigeria’s lithium deposits could play a significant role.

Thor’s study underscores Nigeria’s favorable geological settings, making it a prime candidate for larger-scale mining. The country’s ambition to diversify its economy away from petroleum production aligns with the potential of its lithium supply chain.

Coverage provided by Naija247news.

Emman Tochi
Emman Tochihttps://naija247news.com
Emma Tochi is Naija247news Media Northern Bureau Chief, he's based in FCT Abuja. He overseas the northern operations of this business media

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