New York, United States – Nigeria and the United States have signed an agreement aimed at attracting greater American investment into Nigeria’s mining sector as Abuja seeks to develop its mineral resources and reduce dependence on the export of raw materials.
Nigeria’s Minister of Solid Minerals Development, Dele Alake, and US Deputy Secretary of State Christopher Landau signed the agreement on Wednesday at the Nigeria Mission House in New York, United States.
Alake said the framework would strengthen cooperation between the two countries across Nigeria’s mining industry, which he said has mineral resources valued at about $700 billion.
The agreement covers several areas, including geological data and exploration, mineral development and processing, infrastructure development and technical capacity building.
According to Alake, the partnership is intended to support a shift from exporting largely unprocessed minerals towards greater domestic processing and increased participation by Nigerian businesses in the value chain.
“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 said.
The minister said the Nigerian government would work to translate the framework into concrete projects and investments in the coming months.
“This is an important step in strengthening Nigeria-US cooperation around our mineral resources, valued at about $700 billion. The framework covers geological data and exploration, mineral development and processing, infrastructure, and technical capacity,” he said.
Alake said the two sides would identify viable mining projects and develop partnerships designed to generate economic value for both Nigerian and American stakeholders.
“In the coming months, we will turn this framework into projects, investments and real results for our people. We will identify viable projects and build partnerships that create value for Nigerians and our US partners,” he said.
The agreement forms part of Nigeria’s wider efforts to diversify its economy by developing sectors outside oil and gas. The government has identified mining and mineral processing as areas with potential to attract investment, create employment and expand industrial activity.
Alake said the cooperation would also support the economic diversification objectives of President Bola Ahmed Tinubu’s Renewed Hope Agenda.
“This is how we turn our mineral wealth into lasting economic growth and advance the diversification goals of President Bola Ahmed Tinubu’s Renewed Hope Agenda,” he said.
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