The investment push by the Nasarawa State government is paying off, as 10 companies have collectively invested $466 million across various sectors of the state’s economy in 2024.
Beyond this, an additional $767 million in potential investments has been pledged by nine companies through memorandums of understanding and other commitments within the same period.
Major Investments and Sectors
According to the 2024 report from the Nasarawa Investment and Development Agency (NASIDA), the state secured a total investment inflow of $1.2 billion last year, covering both announced and actualized investments.
Among the notable investors is Juiling Lithium Industry Limited, which has committed $250 million to establish a lithium processing plant in Nasarawa Local Government Area.
Other significant investments include:
- Future Granary Project (RANARY): $200 million
- Husk Power Systems: $7 million
- Nasarawa Technology Village: $2.18 million
- Asgard Mineral Processing Limited: $1.5 million
- Greenville LNG Compressed Natural Gas: $1.2 million
- Karu Retail and Recreational Mall: $1 million
- Gudale Development: $437,500
The investments span various industries, including lithium mining and processing, agriculture, real estate, gas, off-grid solar power, and sesame production.
The report also highlighted that 3,740 jobs were created due to these investments.
Upcoming Investments
Several major companies have expressed interest in investing in Nasarawa State, including:
- Nigerian National Petroleum Company Limited (NNPCL): $500 million investment in the energy sector (Toto LGA).
- Infinitum Energy Group (USA): $180 million investment in renewable power (25–30 MW waste-to-energy and solar projects).
- Cenpower Generation Limited: $100 million investment in a 50MW hydropower plant.
- EMK Group Turkiye: $28 million investment in agricultural growth and food sustainability.
- Farmatrac Tractor: $10 million investment in a manufacturing plant.
- Uke Gold Mining: $10 million investment in gold mining.
- EL-DARL Farms: $6.25 million investment in an oil palm processing facility.
- Khalif Mining: $2 million investment in a lithium and rubidium processing plant.
These upcoming investments are projected to generate 3,940 additional jobs in both formal and informal sectors.
Growing Industrial Presence
Nasarawa State has attracted major industry players, including Olam Nigeria Ltd, Dangote Sugar Refinery, Flour Mills Nigeria, Azama Nigeria Ltd, Bionas Group, Prime Global, Beacon Energy, and Green Sahara.
In May 2024, President Bola Tinubu, represented by Senate President Godswill Akpabio, commissioned a $100 million lithium processing plant in the state.
Developed by Avatar Energy, the facility boasts a processing capacity of 4,000 metric tons of lithium daily and has created 4,000 jobs.
With increasing investor confidence and strategic government initiatives, Nasarawa State is positioning itself as a key destination for industrial and economic growth in Nigeria.
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