ABUJA - Nigeria is one of the latest African countries to discover large reserves of commercial lithium — an essential metal used in energy-dense rechargeable batteries for electric vehicles.
While that may lead to economic relief for the oil-rich country as the world shifts towards green energy adoption, Charles Asiegbu writes for the London School of Economics blog that Nigeria’s history is replete with conflicts over natural resources.
The battles will be over who gets to benefit this time.
The newly discovered reserves of lithium are raising hopes of a new mining boom in Nigeria. But, as Charles Asiegbu writes, this also has the potential to lead to violence as people fight for control of the new commodity.
Nigeria is known for its substantial oil reserves. But beyond petroleum, the country has over 40 commercially viable natural resources. Recently, Nigeria discovered enormous reserves of Lithium, a highly reactive metal used in energy-dense rechargeable batteries used in cell phones, electric vehicles, and grid storage.
Given the increased interest in renewable energy, the lithium market has surged as governments seek to phase out fossil fuel vehicles in favour of emissions-free electric cars. The cost of a tonne of Lithium has risen from £4,600 in 2020 to over £61,000 in 2022. According to the World Bank, the demand for essential metals such as Lithium and cobalt will increase by roughly 500 per cent by 2050. The global electric vehicle market alone is projected to reach £646.23 billion by 2030.
