Industry expert Umar Adelodun, CEO of Oba of All Trades Ltd spoke in a recent webinar on the immense potential of Nigeria’s lithium sector and its far-reaching implications for the nation’s economic future.
During the webinar organised by the Lagos Commodities and Futures Exchange, Adelodun painted a compelling picture of Nigeria’s role in the lithium race from mining and value addition to global market positioning.
“Lithium isn’t just a commodity; it’s a strategic resource,” Adelodun emphasised. “The world is undergoing an energy transition, and lithium sits at the heart of it. It’s no longer just about mobile phones and laptops—this is about the future of clean energy, electric vehicles, and a global race for dominance in energy storage.”
Lithium’s Critical Role in the Global Market
With the demand for lithium soaring, particularly for EV batteries, renewable energy storage, and consumer electronics, Adelodun noted that Nigeria, alongside other African nations, holds some of the world’s last significant untapped reserves. “Africa is home to a large portion of the world’s remaining lithium deposits. That alone makes it a critical player in the global market.”
But while demand is high, the Nigerian lithium industry remains in its infancy, with more extraction than processing. “Right now, we have many people mining but very few processing. That’s where the real value lies,” Adelodun explained.
The Challenges and the Urgency for Value Addition
Despite the promise, challenges persist. The lack of processing plants means that much of Nigeria’s lithium is exported raw, leaving the country with little control over pricing and minimal economic benefits. “Foreigners are coming in and buying lithium cheaply because we haven’t fully structured our market,” he noted.
However, change is on the horizon. Adelodun’s company, in partnership with Poort Mining Ltd, is constructing a 3,000-metric-ton-per-day lithium beneficiation plant in Kwara State—a step towards ensuring that Nigeria captures more value in the lithium supply chain.
“If we want to truly benefit, we must move beyond just mining. We need structured trading, proper beneficiation, and strong regulations,” he urged.
With over $1 million worth of lithium and other minerals traded under his leadership, Adelodun has played a pivotal role in shaping Nigeria’s mineral export market. He also serves as a Director for Investor and Government Relations at AWA Global Services, a company spearheading the Burutu Port project in Delta State—the first dedicated solid minerals and agriculture port in Nigeria.
Adelodun’s experience extends to his time as a Special Advisor to the former Minister of Solid Minerals Development, where he actively contributed to key sector reforms. “We need a structured exchange to regulate pricing and ensure fair market value. Without this, we risk repeating the mistakes made in crude oil.”
With Nigeria catching up to the global lithium race, the country must move swiftly to establish refining capabilities, regulate trading, and position itself as a key player in the clean energy transition.
As Adelodun put it, “Lithium is the new gold. But unlike gold, its value will only increase as the world moves towards a green future. Nigeria must decide—will we be exporters of raw materials or global players in the lithium economy?”
