The Federal Government of Nigeria has pledged its full support for a $400 million Foreign Direct Investment (FDI) initiative to establish Africa’s largest rare earth and critical minerals plant in Nasarawa State.
This development was announced by Dele Alake, Minister of Solid Minerals Development in a post on his official X Platform (formerly known as Twitter) on Sunday, June 22, 2025.
He lauded Hasetins Commodities, the project funders, for aligning with the value addition campaign of President Bola Tinubu’s administration.
“We have pledged our support for a Foreign Direct Investment (FDI) initiative to establish Africa’s largest rare earth and critical minerals processing plant, driven by a $400 million investment from Hasetins Commodities Ltd in Nasarawa State.
“This project represents over 10,000 new jobs, genuine skills transfer, and a significant step toward processing our minerals domestically.
“Our appreciation goes to Prince Jidayi and his team for their foresight and alignment with President Tinubu’s vision for value addition and economic diversification.
“The Federal Government is fully committed to this project. We will provide all necessary institutional support because initiatives like this bring us closer to our long-term national objectives,” he wrote.
Explaining further, Segun Tomori, Special Assistant on Media to the minister in a statement titled “Africa’s Largest Rare Earth Minerals Project Births In Nigeria” noted that the plant is funded by Hasetins Commodities Ltd.
He explained that Prince Jidayi, Managing Director and Chief Executive Officer (CEO) of Hasetins Commodities, unveiled the planned construction during a courtesy visit to the Minister.
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Highlighting the significance of the initiative in bolstering investor confidence in the mining sector, Tomori disclosed that Alake said the plant’s establishment would enhance skills transfer and increase the solid minerals sector’s contribution to the economy.
The minister commended the company’s strategic vision and its $400 million investment in the rare earth metals plant, and lauded Hasetins for supporting the federal government’s objectives of in-country processing and mineral beneficiation.
“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,” Alake said.
“On behalf of the President, the Ministry, and the Nigerian people, I commend your commitment to this vital sector. Your patriotic zeal confirms that our policies are on the right track and producing tangible results.”
The minister reiterated the federal government’s institutional backing for the project, emphasising its alignment with the ministry’s vision to position solid minerals as a cornerstone of industrial and economic growth.
In his remarks, Hasetins Commodities’ CEO, Jidayi expressed appreciation for the minister’s leadership and reforms, which he said have significantly boosted investor confidence and eased 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,” Jidayi said.
“These efforts have directly influenced our decision to invest heavily in this project. Beyond this flagship plant, we are also establishing regional separation plants and empowering local communities and miners.”
Jidayi noted that the company’s model ensures early-stage beneficiation by pre-separating metals locally, creating immediate income for artisanal miners.
He added that the initiative includes training, provision of protective equipment, and broader community engagement.
By: Babajide Okeowo
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