Nigeria can benefit from electric vehicle boom through its solid minerals – Fayemi

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Kayode Fayemi, minister of mines and steel development, has told journalists that Nigeria has a guaranteed market for its solid minerals even though it may lose out on oil, especially with countries planning to ban cars using petrol and diesel, The Cable reports.

He said; “We are emphasising solid minerals development as a vehicle for diversification, an agenda of Mr President, if we look at what role that will play in the future and the entire non-oil sector. Now, we are talking about our oil wealth going down, at the same time other countries are talking about manufacturing cars that will not use fuel in the next two decades. What will these cars be using?”

“If you look at the Tesla vehicles out there, they are all battery powered and where will the battery power come from? It will come from lead, lithium, cobalt, these are things that we have in abundance in Nigeria. So, although we may lose out on oil, it doesn’t mean it is a zero sum game, we may be gaining other things which Mr President is keen on.”