BUA Group, a prominent industrial conglomerate owned by Nigerian billionaire Abdul Samad Rabiu, has indicated an interest in mining lithium. The electric car industry relies heavily on the natural resource for its batteries. BUA Group‘s move towards exploration of lithium is in line with its diversification and expansion plans.
BUA Group has evolved into a significant food, infrastructure, mining, and manufacturing conglomerate with varied assets covering critical sectors of the African economy under the leadership of Rabiu, Nigeria’s second-richest man.
The move, announced by BUA Group Group Executive Director Kabiru Rabiu, represents a strategic shift in the group’s business model as the Nigeria-based conglomerate seeks to capitalise on lithium’s critical role in the energy transition, fueled by a surge in demand for the commodity, a critical raw material.
“We also want to go massively into mining. We acquired a company called PW Nigeria. PW Nigeria is a civil and mining company in which we are the majority owner, and it does most of our mining. We will use that capacity to look at lithium. Lithium is something that is in huge demand because of electrical vehicle batteries,” said Rabiu.
Lithium can power Africa’s industrial revolution
Abdul Samad Rabiu is onto something with his decision to venture into lithium mining. The green-energy revolution provides an opportunity for Africa to reshape its future. The continent is endowed with a plethora of minerals, one of which is lithium, which is touted as the fuel of the future. Lithium provides African countries with the potential to improve their economy for the 21st century. To do so, they must go beyond being raw material suppliers to become manufacturers with a stake in a multibillion-dollar sector.