Nigeria could be among the biggest beneficiaries of the global clean energy transition as demand for lithium is projected to soar by 353 per cent by 2040. The News Chronicle reports that a new report by the United Nations Conference on Trade and Development predicts a sharp increase in demand for critical minerals used in electric vehicles, battery storage systems and renewable energy infrastructure.
With clean energy technologies expected to make up about 87% of worldwide lithium consumption by 2040, up from 62% in 2024, the study emphasizes lithium as among the most sought-after resources in the next decades. Demand for graphite, still another vital battery material, is also projected to soar.
The growing demand for these minerals is focusing more attention on Nigeria’s lithium reserves. With Chinese companies investing more than $1.3 billion in the nation’s lithium processing sector in recent years, overseas investors have already started to position themselves in the field.
Several resource-rich nations are strengthening export limits to promote local processing and maximize economic value as rivalry for strategic minerals rises. Analysts think Nigeria has a special chance to enhance its mining and processing capabilities and therefore become a big force in the worldwide supply chain driving future clean energy.
