African Lithium Production Set to Skyrocket by 400% by 2030, Says IEA Report
According to the latest World Energy Outlook 2024 report by the International Energy Agency (IEA), African lithium production is expected to experience a spectacular 400% increase by 2030.
This surge, which would bring production to 53,000 tonnes in a base scenario and up to 70,000 tonnes in more optimistic forecasts, relies heavily on developments in Zimbabwe and new discoveries in Nigeria.
Lithium extraction, still a relatively recent activity in Africa, is currently dominated by Zimbabwe, the continent's only industrial-scale producer, with around 9,000 tonnes exported annually. However, emerging projects in countries such as Ethiopia, Mali, Namibia, the Democratic Republic of Congo, and Ghana suggest significant potential.
Despite high ambitions, delays in project development and intense international competition pose challenges. According to EcoFin, Africa will need to accelerate its efforts to compete with lithium giants Australia, China, and Chile, the world's top producers expected by 2030.
On the global market, lithium is experiencing a contrasting period. After peaking at $70,000 per tonne in 2022, prices plummeted to around $11,000 in 2024 due to excess production. However, a price rebound is anticipated with increasing demand, particularly in renewable energy. The IEA estimates that these needs could reach 616,000 tonnes by 2030, up from 92,000 tonnes in 2023.
