Demand for cobalt set to increase exponentially in next decade
Cobalt, a by-product from mining copper and nickel, is an essential component in rechargeable lithium-ion batteries for inverters, electric cars and solar panels. The expansion of the electric vehicle market globally is expected to lead to an exponential increase in the demand for the metal in the next decade.
The demand for cobalt related products is huge in Nigeria due to the increasing use of inverters and solar energy, as alternative sources of power.
In the slides, these and other issues were discussed in the commodity segment of the Channels TV Business Morning programme today.
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