Nigeria and the United States have signed a pact to deepen American investment in the country’s mining sector.
The agreement was signed on Wednesday by Dele Alake, minister of solid minerals development, and Christopher Landau, US deputy secretary of state, at the Nigeria Mission House in New York, United States.
Alake announced in a post on X on Thursday, describing the agreement as an important step in strengthening Nigeria-US cooperation around the country’s mineral resources, valued at about $700 billion.
“The framework covers geological data and exploration, mineral development and processing, infrastructure, and technical capacity,” he said.
“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.”
The minister said the government would, in the coming months, turn the framework into projects, investments and real results.
“We will identify viable projects and build partnerships that create value for Nigerians and our US partners,” Alake added.
The minister added that the agreement would help turn Nigeria’s mineral wealth into lasting economic growth and advance the diversification goals of President Bola Tinubu’s renewed hope agenda.
