Nigeria and the United States have signed a new agreement aimed at deepening American investment in Nigeria’s mining industry and accelerating the development of the country’s vast mineral resources, estimated by the Federal Government at about $700 billion, Peak Newspaper reports.
The agreement was signed on Wednesday at the Nigeria Mission House in New York by Nigeria’s Minister of Solid Minerals Development, Dele Alake, and the United States Deputy Secretary of State, Christopher Landau.
The signing took place on the sidelines of the 81st United Nations General Assembly as both countries seek to strengthen cooperation in the solid minerals sector and unlock greater economic value from Nigeria’s mineral resources.
Alake announced the agreement in a post on X on Thursday, describing the framework as an important step towards strengthening Nigeria-US cooperation in the development of the country’s mineral resources.
He said the framework would focus on several key areas, including geological data and exploration, mineral development and processing, infrastructure, as well as technical capacity development.
According to the minister, the agreement is expected to provide a stronger basis for identifying investment opportunities and building partnerships between Nigerian and American stakeholders in the mining sector.
“This is an important step in strengthening Nigeria-US cooperation around our mineral resources, valued at about $700 billion,” Alake said.
He explained that the framework would cover geological data and exploration, mineral development and processing, infrastructure and technical capacity.
The minister also stressed the need for Nigeria to move beyond the export of raw minerals and develop more capacity to process its mineral resources locally.
“Nigeria cannot remain a source of raw materials while others capture most of the value,” he said, adding that the Federal Government wants to encourage greater local processing, create quality jobs, strengthen technical skills and expand opportunities for Nigerian businesses.
Alake further disclosed that the government would work towards translating the agreement into specific projects and investments in the coming months.
He said the process would involve identifying viable projects and establishing partnerships capable of creating economic value for both Nigerians and American investors.
The agreement comes as the Federal Government continues efforts to attract foreign capital into Nigeria’s solid minerals sector while promoting local value addition.
The government has increasingly positioned mining as an important area for economic diversification, with efforts focused on attracting investors, improving geological information, developing infrastructure and encouraging domestic processing of minerals.
The latest Nigeria-US framework is therefore expected to provide an avenue for increased American participation in Nigeria’s mining industry and support efforts to develop the sector beyond the extraction and export of raw materials.
