The Minister of Solid Minerals Development, Dele Alake, announced on Monday via X (formerly Twitter) that his ministry has pledged support for a $400 million Foreign Direct Investment (FDI) initiative, spearheaded by Hasetins Commodities Ltd., to establish Africa’s largest rare-earth and critical minerals processing plant in Nasarawa State.
In his post, he wrote:
“We have pledged our support for a Foreign Direct Investment (FDI) initiative to establish Africa’s largest rare earth and critical minerals processing plant, driven by a $400 million investment from Hasetins Commodities Ltd in Nasarawa State.”
Credit: X.COM.
High-value minerals like tantalite and other rare earth elements, which are necessary in industries ranging from clean energy to cutting-edge electronics, are anticipated to be processed by the proposed rare earth factory.
If successfully executed, economic analysts predict that the Hasetins project will establish a model for other large-scale processing facilities, establishing Nigeria as a central location for vital mineral value chains in the area.
Credit: X.COM
With the growing demand for digital electronics, electric cars, and renewable energy technologies worldwide, Nigeria’s Nasarawa entry into the value-added processing market might mark a significant move away from reliance on oil and towards a diverse industrial economy based on minerals.
As the project progresses, attention will be focused on resourcing frameworks, power, infrastructure, and regulatory consistency—all of which are crucial factors in determining the plant’s long-term performance.
The Hasetins investment might soon mark the pinnacle of Nigeria’s mining-era change, and President Tinubu’s sound mineral reforms seem to be having an impact.
Credit: X.COM.
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