Nigeria is on the cusp of another defining moment in its industrial and economic evolution. Just weeks after news broke about the establishment of an electric vehicle (EV) factory, in partnership with China, the nation's mining sector has registered another significant milestone, a landmark $400 million investment into what is set to become Africa's largest rare earth and critical minerals processing facility, located in Nasarawa State.
At the centre of this ambitious development is Hasetins Commodities Limited, a Nigerian firm with specialised expertise in rare earth elements and platinum group metals. More than a headline project, this facility is poised to create over 10,000 jobs, advance infrastructure development and bolster Nigeria's participation in the global supply chain.
This investment marks a paradigm shift in Nigeria's mining sector, one that moves the country beyond the legacy of raw mineral exports into a future anchored on local value addition. At the West Africa Economic Summit, President Bola Ahmed Tinubu reinforced this agenda, advocating a transition from the traditional "pit to port" era to a new era where Nigeria is not just a source of raw materials but a value-driven hub driving technological innovation and industrialisation.
Rare earth elements are the bedrock of the global green economy and digital revolution. As demand soars for high-tech, clean tech, AI, and electric vehicles, Nigeria's decision to process and refine these minerals domestically is a power play that could reconfigure its place in global trade.
Nigeria's mining sector is finally gaining meaningful traction after years of underutilisation, having historically contributed less than 1% to the nation's Gross Domestic Product (GDP). During President Bola Tinubu's working visit to Nasarawa State on June 25, 2025, the Minister of Solid Minerals Development, Dr. Dele Alake, highlighted the State's emergence as a leading investment hub, having attracted over $800 million in Direct Foreign Investment (DFI). Even more telling, sectoral revenue has surged from N6 billion to N38 billion in just one year, driven by bold policy reforms, enhanced regulatory enforcement against illegal mining, and a more efficient licensing regime.
To sustain this influx of investments, Nigeria must prioritise robust contract structuring, enforce environmental standards with precision, and ensure beneficiation clauses deliver real local value. Equally critical is the ongoing review of the Minerals and Mining Act 2007, a long-overdue reform that must align Nigeria's legal framework with today's global standards on sustainability, transparency, and value addition. The question is not whether Nigeria has the resources; it clearly does. The real question is: Will Nigeria leverage this moment to finally turn its mineral wealth into industrial power, or will it be a tale of squandered opportunity in the nation's economic history?
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