The Nigerian government is ramping up investments in lithium mining and agriculture to strengthen the country’s economy. Atiku Bagudu, Minister of Budget and Economic Planning, says four lithium plants are under construction to develop the solid minerals sector.
Bagudu made the announcement during an interview on Arise Television’s Morning Show while discussing the 2025 budget in collaboration with KPMG. He revealed that the federal government has allocated $1 trillion to support domestic production across various sectors.
“We have created a solid minerals sector and a steel ministry, but funding for greater production has been missing,” he said. “With this $1 trillion investment, activities in the solid mineral sector will expand significantly.”
He noted that multiple lithium processing plants are underway, signaling increased interest in Nigeria’s growing mining industry. “At least four lithium plants are being built across Nigeria,” Bagudu added.
The solid minerals sector is attracting major foreign investments. He also mentioned that an investor recently in Abuja signed up to a $400 million investment in a cement company in Kebbi State.
Nigeria’s Agriculture Attracting Investment
Nigeria’s agricultural sector is also seeing increased global interest. According to Bagudu, President Bola Tinubu has secured $3 billion in investments from Brazilian investors to support livestock and crop production.
Saudi Arabia’s Agriculture and Livestock Investment Company has also expanded its stake in Olam, a major agribusiness operating in Nigeria. Bagudu recalled a meeting in Saudi Arabia, where officials expressed strong interest in Nigeria’s agricultural potential. “They see Nigeria as a major investment destination after Brazil,” he said.
The minister highlighted Nigeria’s vast agricultural workforce and the need for improved technology and financing. “With the right support, Nigeria can significantly increase food production,” he noted.
Bumper Harvest and Agricultural Budget Boost
Bagudu also said Nigeria had recorded strong agricultural harvests in many states. Favorable weather conditions and improved security contributed to the bumper yield. In response, the government has allocated ₦1.5 trillion to boost food production.
“Agriculture must modernize from subsistence farming to commercial production, including livestock and fisheries,” he said. “Higher yields mean wealthier farmers and a stronger economy.“
The budget includes a major recapitalization of the Bank of Agriculture to improve access to agricultural funding. “Traditional banks struggle to fund farming, so we’re bridging that gap with ₦1.5 trillion,” Bagudu explained.
He also said that Finance Minister Wale Edun is leading efforts to secure more private-sector funding for agriculture. These initiatives will help farmers affected by economic reforms and rising production costs.
With growing investments in solid minerals and agriculture, Nigeria wants to boost economic growth, reduce reliance on oil, and improve food security.
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