The Federal Government and the United States have signed an agreement aimed at deepening American investment in Nigeria’s mining sector and promoting the development of the country’s mineral resources.
The agreement was signed by the Minister of Solid Minerals Development, Dele Alake, and the US Deputy Secretary of State, Christopher Landau, at the Nigeria Mission House in New York on Wednesday, on the sidelines of the 81st United Nations General Assembly.
Alake disclosed the development in a post on X on Thursday, saying the framework would focus on geological data and exploration, mineral development and processing, infrastructure and technical capacity.
According to Alake, Nigeria’s mineral resources are estimated at about $700 billion.
He said the agreement marked an important step in strengthening cooperation between Nigeria and the US in the development of the country’s mineral resources.
“This is an important step in strengthening Nigeria-US cooperation around our mineral resources, valued at about $700 billion,” Alake said.
He added that the government was seeking to move beyond the export of raw materials by promoting local processing, creating quality jobs, developing technical skills and expanding opportunities for Nigerian businesses.
Alake said the government would work with its US partners in the coming months to identify viable projects and translate the framework into investments and other development initiatives.
The agreement comes as the Federal Government intensifies efforts to attract foreign investment into Nigeria’s solid minerals sector and increase local value addition.