The Federal Government and the United States have entered into an agreement aimed at attracting more American investment into Nigeria’s mining industry and accelerating the development of the country’s mineral resources.
The pact was signed by the Minister of Solid Minerals Development, Dele Alake, and the US Deputy Secretary of State, Christopher Landau, at the Nigeria Mission House in New York on Wednesday.
The signing took place on the sidelines of the 81st United Nations General Assembly.
Alake disclosed the agreement in a post on X on Thursday, stating that the framework would focus on geological data and exploration, mineral development and processing, infrastructure, as well as technical capacity.
According to the minister, Nigeria’s mineral resources are estimated by the Federal Government to be worth about $700bn.
Alake said, “This is an important step in strengthening Nigeria-US cooperation around our mineral resources valued at about $700 billion. The framework covers geological data and exploration, mineral development and processing, infrastructure, and technical capacity.
“Nigeria cannot remain a source of raw materials while others capture most of the value. We want more local processing, quality jobs, stronger skills and greater opportunities for Nigerian businesses.
“In the coming months, we will turn this framework into projects, investments and real results for our people. We will identify viable projects and build partnerships that create value for Nigerians and our US partners.”
The agreement is part of the Federal Government’s broader efforts to attract foreign capital into the solid minerals sector while promoting local processing and greater value addition to Nigeria’s mineral resources.
