Nigeria and the United States have signed a new agreement aimed at attracting more American investment into Nigeria’s mining sector and accelerating the development and processing of the country’s mineral resources.
The agreement was signed by the Minister of Solid Minerals Development, Dele Alake, and the United States Deputy Secretary of State, Christopher Landau, at the Nigeria Mission House in New York on Wednesday.
The signing was held on the sidelines of the 81st United Nations General Assembly.
Alake announced the development in a post on X on Thursday, saying the framework would strengthen cooperation between both countries across key areas of the mining industry.
According to him, the agreement covers geological data collection and utilisation, mineral exploration, development and processing, infrastructure, as well as technical skills and capacity development.
The minister said the Federal Government estimates the value of Nigeria’s mineral resources at about $700 billion, stressing the need for the country to derive greater economic benefits from its vast mineral deposits.
“This is an important step in strengthening Nigeria-US cooperation around our mineral resources, valued at about $700 billion,” Alake said.
He added that the framework was designed to promote local processing, create quality jobs, strengthen technical skills and expand opportunities for Nigerian businesses.
“Nigeria cannot remain a source of raw materials while others capture most of the value,” the minister said.
He explained that the government would seek to translate the agreement into concrete investments and projects by identifying viable opportunities and developing partnerships between Nigerian and American stakeholders.
“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,” he said.
The agreement comes amid renewed efforts by the Federal Government to attract foreign investment into Nigeria’s solid minerals sector and expand the contribution of mining to the national economy.
The government has also been promoting local value addition by encouraging the processing of minerals within Nigeria instead of exporting them largely as raw materials.
The new framework is expected to facilitate cooperation between Nigerian and American investors in mineral exploration, processing, infrastructure development and other areas of the mining value chain.
It is also expected to support job creation, enhance technical capacity and create additional opportunities for Nigerian companies operating in the mining and mineral-processing industries.
