From high-end smartphones to electric cars, the demand for lithium is outstripping the ability to extract it from the earth. Nigeria’s large metal deposit provides an opportunity to cash in on the world’s hottest mineral.
Driven by battery demand, lithium increased by 10.81 per cent in the first half of this year, making it the best-performing commodity and one of only two that recorded a positive return — the other being gold, according to an analysis by U.S. Global Investors, Inc., a fund manager with millions of dollars in assets under management.
“Every other commodity that we follow lost ground during the six months as global manufacturing activity receded and China’s economy, historically a major demand engine, delivered a disappointing rebound after ending three years of pandemic lock-downs,” Frank Holmes, CEO of U.S. Global Investors, said in an investor note.