I turned down Tesla’s offer to get materials from Nigeria – Minister

i turned down tesla's offer to get materials from nigeria – minister
i turned down tesla’s offer to get materials from nigeria – minister

Olamilekan Adegbite, Nigeria’s minister of mines and steel, has claimed that he rejected an offer from Tesla Inc. to import raw lithium from his country.

One of the materials used in EV batteries is lithium. Since the beginning of 2020, the price of lithium has increased by more than eight times, as reported by Financial Times.

As a result, governments, corporations, and the world’s major automakers are all in a mad dash to boost and secure production of this basic commodity.

Adegbite, speaking at a summit titled “Leveraging Future Minerals for Sustainable Development,” claimed that a Tesla representative had approached him at a summit in Saudi Arabia, showing interest in obtaining Lithium from Nigeria. Adegbite, however, had rejected the bid and instead asked Tesla to establish a battery industry in Nigeria.

He argued that bolstering the value chain of Nigeria’s mineral exploration would be possible through the development of the battery sector.

Adegbite claims that by 2040, the demand for minerals associated with EVs and battery storage will have increased by a factor of 10–30.

As the need for batteries rises, he predicts that electric vehicles and battery storage would consume roughly half of the energy minerals needed over the next two decades.

There is an abundance of vital minerals in Nigeria. Some of Nigeria’s vast pegmatite belts include lithium and tantalum, he explained.

He defined the minerals of the future as any elements, metallic or otherwise, that are crucial to the development and operation of contemporary technology.

He noted that many countries were swiftly launching policies and strategic frameworks to expedite the production of vital energy minerals.

Adegbite stated that the Australian government is exploring investment packages to boost exploration, and that the United States Senate had passed an act in July containing incentives for discovering vital minerals.

He claims that China has increased its purchases of raw materials from underdeveloped countries in order to increase its supply of essential minerals.

“Countries are increasingly relying on rare earth elements and important minerals to achieve their climate pledges,” he noted, noting that the urgent need to secure a low-carbon future is driving the rising demand for vital minerals.

According to Adegbite, the 2015 Paris Agreement on Climate Change stressed the importance of decreasing the use of non-renewable components in energy generation.

He argued that renewable energy is a viable alternative to the current energy transition economy.

“As a result of this dramatic change, there will be a surge in demand for crucial minerals, which will be used in environmentally beneficial technologies. According to the World Bank, mineral consumption is expected to increase thrice by 2040. He was emphatic that the use of essential materials for the clean energy transition will continue to be labor-intensive for the foreseeable future.

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