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Nigeria plans to tighten rules to reduce the export of raw minerals and encourage the shipment of processed products, a move aimed at creating jobs and boosting the value of its exports.
Africa’s largest crude producer is banking on its mineral reserves to provide an alternative source of income as oil output dwindles. The country has lithium, gold, bitumen and iron ore deposits and is intent on emulating nations such as Indonesia in climbing up the commodities value chain and boosting employment.
Encouraging foreign companies to refine minerals in-country remains challenging — investors have to contend with an unreliable electricity supply and weak domestic demand, while most minerals are extracted by illegal miners. Northern Nigeria has also long been plagued by insecurity, with armed gangs carrying out mass abductions and killings. The gangs have also displaced local communities, making way for illegal mining, Alake said.