Nigeria has signed a new agreement with the United States aimed at boosting American investment in the country’s mining sector and unlocking the full potential of its vast mineral resources.
The agreement was signed on Wednesday at the Nigeria Mission House in New York by the Minister of Solid Minerals Development, Dele Alake, and the US Deputy Secretary of State, Christopher Landau, on the sidelines of the 81st United Nations General Assembly.
Announcing the development via his X page on Thursday, Alake described the deal as a major step in strengthening cooperation between both countries in the solid minerals sector.
According to him, the framework will cover geological data and exploration, mineral development and processing, infrastructure development, as well as technical capacity building.
Alake noted that Nigeria’s mineral resources are estimated to be worth about $700 billion and stressed that the country can no longer remain a mere exporter of raw materials while other countries enjoy most of the economic benefits.
“This is an important step in strengthening Nigeria-US cooperation around our mineral resources, valued at about $700 billion,” he said.
He added that the Federal Government is focused on ensuring more minerals are processed locally to create jobs, develop skills and provide greater opportunities for Nigerian businesses.
“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,” Alake stated.
The minister further revealed that efforts would now be directed at translating the agreement into tangible projects and investment opportunities that would benefit both Nigeria and the United States.
The deal comes as the Federal Government intensifies efforts to attract foreign investors into the solid minerals sector and promote local value addition in the mining industry.
