By Obiabin Onwukwugha
Nigeria and the United States of America have signed an agreement aimed at attracting more American investment into Nigeria’s mining sector, which has an estimated $700 billion mineral resources.
The agreement was signed by the Minister of Solid Minerals Development, Dele Alake, and the United States Deputy Secretary of State, Christopher Landau, at the Nigeria Mission House in New York, on the sidelines of the ongoing 81st United Nations General Assembly, UNGA.
The framework focuses on key areas of the mining value chain, including geological data and exploration, mineral development and processing, infrastructure and technical capacity development.
Alake said the agreement marked an important step in strengthening Nigeria-US cooperation in the development of the country’s mineral resources.
He stressed that Nigeria’s objective was to move beyond the export of raw minerals and ensure that more value was created within the country, highlighting that the federal government wants increased local processing, improved technical skills, quality employment and greater opportunities for Nigerian businesses.
“We are not here to remain a source of raw material for the value that others create. Our goal is to turn potential into lasting value at home through stronger local processing, new skills, quality jobs, and new opportunities for Nigerian businesses,” Alake said.
The minister noted that the next phase would be focused on translating the agreement into concrete investments and projects. He also stated that the government would work with its American partners to identify viable projects and develop commercial partnerships capable of delivering measurable benefits to both countries.
He further stated that the partnership would also support Nigeria’s efforts to develop secure and resilient critical mineral supply chains while promoting responsible investment in the sector.
He linked the agreement to the economic diversification and industrial development objectives of President Bola Ahmed Tinubu’s Renewed Hope Agenda.
On his part, Landau said the agreement demonstrated the growing partnership between Nigeria and the United States.
He described Nigeria as a regional power, stating that Washington was prepared to support the country’s economic growth, stressing that both countries could benefit from deeper cooperation in the minerals sector.
Landau also backed Nigeria’s desire to capture more value from its mineral resources rather than simply exporting raw materials.
The signing was witnessed by Lagos State Governor, Babajide Sanwo-Olu and senior officials from Nigeria’s mining sector, including the Permanent Secretary of the Ministry of Solid Minerals Development, Yusuf Yabo; Director-General of the Nigerian Mining Cadastre Office, Simon Nkom; Executive Secretary of the Solid Minerals Development Fund, Fatima Shinkafi; and Chief Executive Officer of the Nigeria Solid Minerals Company, Martin Imonitie.
