Nigeria, US Sign Deal To Deepen Investment In $700bn Mining Sector

Nigeria and the United States have signed an agreement to deepen American investment in Nigeria’s mining sector, with the Federal Government putting the value of the country’s mineral resources at about $700 billion.

The agreement was signed on Wednesday at the Nigeria Mission House in New York by the Minister of Solid Minerals Development, Dele Alake, and US Deputy Secretary of State Christopher Landau.

Alake announced the development in a post on X on Thursday, describing the framework as an important step towards strengthening Nigeria-US cooperation in the development of the country’s mineral resources.

He said the agreement would focus on geological data and exploration, mineral development and processing, infrastructure and technical capacity.

According to Alake, Nigeria must move away from exporting raw minerals and focus on processing them locally to retain more value within the country.

“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 said.

The Minister said the Federal Government would work with American partners in the coming months to translate the framework into specific projects and investments.

He said both countries would identify viable projects and develop partnerships capable of creating economic value for Nigerians and US investors.

Alake described the agreement as part of efforts to harness Nigeria’s mineral wealth for long-term economic growth and support the diversification objectives of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

The deal comes as the Federal Government seeks to attract greater investment into the solid minerals sector and reduce dependence on the export of unprocessed natural resources.