Nigeria and the United States have signed an agreement to deepen American investment in Nigeria’s mining sector.
The Minister of Solid Minerals Development, Mr. Dele Alake, disclosed this in a post on his Facebook page on Thursday.
According to Alake, the agreement was signed on Wednesday at the Nigeria Mission House in New York between himself and the US Deputy Secretary of State, Christopher Landau.
He described the deal 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,” the Minister said.
Alake said the agreement aligns with the Federal Government’s resolve to end the export of raw minerals without value addition.
“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,” he stated.
He added that in the coming months, both countries will translate the framework into concrete projects and investments.
“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,” Alake said.
The Minister noted that the partnership will help turn Nigeria’s mineral wealth into lasting economic growth and advance the diversification goals of President Bola Ahmed Tinubu’s Renewed Hope Agenda.
