$400M FDI PLAN FOR AFRICA’S LARGEST RARE EARTH MINERALS PROJECT IN NIGERIA

The Federal Government has pledged full support to a $400 million Foreign Direct Investment (FDI) plan to build Africa’s largest rare earth and critical minerals plant in Nasarawa State. Minister of Solid Minerals Development, Dr. Dele Alake, made this announcement in a statement on Sunday.

Special Assistant on Media to the Honourable Minister of Solid Minerals Development, Segun Tomori, stated that the project is expected to create over 10,000 jobs nationwide and promote skills transfer. “The establishment of the plant would promote skills transfer and boost the contributions of the solid minerals sector to the economy,” Tomori quoted Dr. Alake as saying.
Tomori further explained that Hasetins Commodities Limited, the company behind the project, hopes to add 12,000 metric tonnes to its current 6,000 metric tonnes installed capacity as preparations for the forthcoming groundbreaking of the additional facility gathers momentum. Segun Tomori noted that Dr. Alake commended Hasetins for aligning its operations with the federal government’s drive for in-country processing and beneficiation of minerals.

The Minister praised the company’s strategic foresight and patriotic investment in the rare earth metals plant. “I’m glad our ongoing engagements have culminated in this groundbreaking initiative. With your collaboration, we are now witnessing the establishment of the largest rare earth and critical metals plant in Africa, right here in Nigeria,” Dr. Alake said.
The Managing Director/CEO of Hasetins Commodities Ltd, Prince Jidayi Ijudigal, expressed deep appreciation for the Minister’s leadership and reforms, which have significantly improved investor confidence and streamlined access to the mining sector. “We have observed the introduction of mining marshals to combat illegal mining and reforms that have simplified the licensing process. These efforts have directly influenced our decision to invest heavily in this project,” Prince Jidayi said.
The company plans to establish regional separation plants and empower local communities and miners through training, provision of protective equipment, and broader community engagement. Hasetins Commodities Ltd specialises in producing critical metals essential for high-tech applications and defence systems, including rare earth metals and Platinum Group Metals (PGMs).
Dr. Alake reaffirmed the federal government’s full institutional support for the project, underscoring its alignment with the Ministry’s vision of transforming Nigeria’s solid minerals into a cornerstone of industrial growth and economic diversification.