Nigeria and the United States have signed a new agreement aimed at strengthening American investment in Nigeria’s mining sector and accelerating the development of the country’s mineral resources.
The agreement was signed on Wednesday 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 at the Nigeria Mission House on the sidelines of the 81st United Nations General Assembly.
Alake disclosed the development in a post on X on Thursday, describing the agreement as an important step towards expanding cooperation between Nigeria and the United States in the solid minerals sector.
According to the minister, the framework will focus on several areas, including geological data and exploration, mineral development and processing, infrastructure development and technical capacity building.
Nigeria’s mineral resources are estimated by the Federal Government to be worth approximately $700 billion, according to Alake.
The minister said the country must move beyond exporting raw materials and instead develop greater capacity to process minerals locally.
“Nigeria cannot remain a source of raw materials while others capture most of the value,” Alake said.
He explained that the government wants increased local processing, the creation of quality jobs, stronger technical skills and greater opportunities for Nigerian businesses.
Alake said the newly signed framework would be followed by efforts to identify viable projects and establish partnerships capable of producing tangible economic benefits.
In the coming months, we will turn this framework into projects, investments and real results for our people, he said.
The minister added that Nigeria would work with its US partners to identify investment opportunities capable of creating value for both countries.
The agreement comes as the Federal Government continues efforts to attract foreign capital into Nigeria’s solid minerals industry and encourage greater local value addition.
The initiative is also expected to support the development of infrastructure and technical expertise needed to expand mining and mineral processing activities in Nigeria.
With the framework now signed, attention will turn to how the two countries translate the agreement into specific mining projects, investments and processing opportunities.
