A $400 million foreign direct investment to build Africa’s largest rare earth and essential minerals processing factory in Nasarawa State has the full support of the federal government.
Hasetins Commodities Limited is promoting the project, which is anticipated to create over 10,000 jobs across the country and enhance Nigeria’s mineral resources through domestic processing.
Dr. Dele Alake, Minister of Solid Minerals Development, called the plant a turning point in the nation’s industrialisation and job-creation process.
According to the minister, President Bola Tinubu’s directive for value addition in the solid minerals industry was directly addressed by the effort.
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Alake praised the company’s decision to upgrade its present installed capacity of 6,000 metric tonnes to 18,000 metric tonnes through a new facility as Hasetins’ management paid him a courtesy call at his office.
The minister said in a statement written by Segun Tomori, his media assistant, on Sunday that “this innovative initiative demonstrates that our reforms are yielding concrete results.”
“Thanks to your cooperation, the largest rare earth and critical metals facility in Africa is now being built right here in Nigeria. Your patriotic enthusiasm demonstrates that our policies are effective and producing quantifiable results,” he added.
Alake reiterated the government’s commitment to transforming Nigeria’s mineral endowment into a foundation for industrial growth and economic diversification while promising the company full institutional assistance.
Nigeria is anticipated to become a major player in the global critical minerals market, which provides materials for defence applications, renewable energy systems, and high-tech electronics, thanks to the new rare earth metals factory.
