Adegbite: Demand for Copper, Lithium, Others to Triple by 2040

Kasim Sumaina in Abuja

The Minister of Mines and Steel Development, Arc. Olamilenka Adegbite has stated that if the World Bank’s estimation is anything to go by, there will be a huge demand for battery storage minerals, copper, cobalt, lithium, nickel, platinum and to a lesser extent, aluminium by 2040.
He said the World Bank estimate also included chromium, graphite, manganese, rare earth elements and Zinc, to the list following demand from electric vehicles and battery storage.

Disclosing this in Abuja, Adegbite, said the growing demand is propelled by an increase relying on rare earth elements and critical minerals to support climate commitments.

According to Adegbite, “Electric vehicles and battery storage would account for about half of the energy minerals demand over the next two decades, spurred by the increasing demand for battery materials.”

Adegbite who gave a keynote address at a maiden Summit on Future Minerals in the country, noted that the historic event came at a time when there is a global focus on developing a low-carbon economy that would utilise the future minerals.

He said: “Already, many nations are aggressively initiating policies and strategic models to ensure the accelerated development of these critical energy minerals.
“Last month, the United States Senate passed an Act with incentives for developing critical minerals. Australia is also considering investment packages to stimulate exploration, mining, and processing of these minerals. In addition, China has stepped up imports from developing nations to bolster critical minerals stockpiles.

“The 2015 Paris Agreement on climate change emphasizes the need to decline the use of non-renewable components in energy generation. Renewable sources of energy provide an alternative to the energy transition economy.

“The consequence of this major shift is a high demand for critical minerals for use in climate-friendly technologies. The World Bank has estimated the demand for these minerals to triple by 2040. Undoubtedly, the deployment of critical minerals for a clean energy transition will remain significantly intensive for a long time.”
He said: “We cannot be left out of the global rush to develop our vast deposits of these mineral resources. This administration has taken so many fundamental steps to explore our deposits of these minerals to salvage the low electricity generation by diversifying the country’s energy mix towards renewable alternatives. Nigeria has no choice but to join the global race in developing the critical minerals value chain.”