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Nigeria and the United States have agreed to strengthen cooperation in the mining sector through a new framework aimed at attracting more American investment and unlocking greater value from Nigeria’s mineral resources.
The agreement was unveiled in New York on Wednesday by Minister of Solid Minerals Development, Dele Alake, and United States Deputy Secretary of State, Christopher Landau.
The signing took place at the Nigerian Mission House on the sidelines of the 81st UN General Assembly.
Alake revealed the development in a post on X on Thursday, outlining the key areas covered by the agreement.
This includes geological and exploration data, mineral development and processing, infrastructure, and increasing technical capacity.
According to Alake, Nigeria’s mineral resources are estimated by the Federal Government to be worth about $700 billion.
Describing the agreement as a significant development in bilateral cooperation, the minister said Nigeria seeks to go beyond exporting raw minerals and retain more value at home.
“This is an important step in strengthening Nigeria-US cooperation in the area of our mineral resources, which are worth approximately $700 billion. This framework includes geological and exploration data, mineral development and processing, infrastructure and technical capacity.
“Nigeria cannot continue to be a source of raw materials while other countries get most of the benefits. We want more local processing, quality jobs, stronger skills and greater opportunities for Nigerian businesses.
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“In the coming months, we will turn this framework into real projects, investments and results for our communities. We will identify viable projects and build partnerships that create value for the Nigerian people and our partners in the US.”
This development comes as the Federal Government steps up efforts to attract international capital into Nigeria’s solid minerals industry.
The government is also seeking to increase domestic processing and value addition as part of broader efforts to create jobs, strengthen technical capacity and expand opportunities for Nigerian businesses in the mining value chain.
