President Bola Tinubu has emphasized the potential of Nigeria’s abundant lithium reserves and Compressed Natural Gas (CNG) to attract foreign automobile assembly investments and create jobs, thereby boosting the country’s economic growth.
Speaking in a press briefing on Monday night, the President highlighted that leveraging Nigeria’s lithium resources could play a pivotal role in developing the local automobile industry. He explained that fostering electric vehicle (EV) production and promoting CNG use could help replace the influx of second-hand vehicles and generate employment opportunities.
“We are rich in solid minerals, with Kaduna and Nasarawa holding the largest lithium deposits. If we encourage the production of electric vehicles and promote the use of compressed natural gas, we can attract automobile assembly to Nigeria, creating jobs in the process,” said Tinubu.
The President also outlined his strategy for reducing inflation to 15%, as detailed in the 2025 budget. He stressed the importance of attracting Foreign Direct Investment (FDI) through incentives and showcasing Nigeria’s potential to the global market.
“To bring down inflation, we must increase local production, provide affordable funding to farmers, and improve security to ensure they can return to their farms and grow more food. We also need to focus on local drug production,” Tinubu explained. “We have all the resources; we just need to implement the right incentives to unlock Nigeria’s full potential.”
The President reaffirmed his commitment to creating an environment conducive to economic growth, urging for immediate action to harness Nigeria’s vast resources and support local industries.
