Nigeria and the United States have signed an agreement aimed at expanding American investment and cooperation in Nigeria’s mining sector.
The agreement was signed on Wednesday in New York by the Minister of Solid Minerals Development, Dele Alake, and the US Deputy Secretary of State, Christopher Landau, at the Nigeria Mission House.
Alake disclosed the development in a post on X on Thursday, describing the agreement as a significant step towards strengthening cooperation between both countries in the development of Nigeria’s mineral resources, estimated at about $700 billion.
“The framework covers geological data and exploration, mineral development and processing, infrastructure, and technical capacity,” he said.
The minister said the agreement was designed to move Nigeria beyond the export of unprocessed minerals by encouraging greater domestic value addition and expanding opportunities for local businesses and workers.
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“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.”
According to Alake, the Federal Government plans to translate the framework into concrete investments and projects in the coming months.
“We will identify viable projects and build partnerships that create value for Nigerians and our US partners,” Alake added.
The minister said the agreement would support efforts to unlock the economic potential of Nigeria’s mineral resources while attracting greater investment into the sector.
He added that the partnership would contribute to the Federal Government’s efforts to diversify the Nigerian economy and advance the objectives of President Bola Tinubu’s Renewed Hope agenda.
The development comes amid renewed efforts by the Federal Government to attract investment into the solid minerals sector, increase local processing and reduce dependence on the export of raw mineral resources.