According to the minister, the agreement is aimed at strengthening cooperation between both countries in the development of Nigeria’s mineral resources, which he valued at about $700 billion.
Nigeria and the United States have signed an agreement aimed at deepening American investment in Nigeria’s mining sector.
Minister of Solid Minerals Development, Dele Alake, disclosed this in a post on X on Thursday.
Alake said the agreement was signed on Wednesday at the Nigeria Mission House in New York, where he and US Deputy Secretary of State Christopher Landau signed the framework.
According to the minister, the agreement is aimed at strengthening cooperation between both countries in the development of Nigeria’s mineral resources, which he valued at about $700 billion.
He said the framework covers geological data and exploration, mineral development and processing, infrastructure, and technical capacity.
“This is an important step in strengthening Nigeria-US cooperation around our mineral resources, valued at about $700 billion,” Alake said.
The minister said the Nigerian government wanted to move away from exporting raw materials and instead promote local processing and greater value addition 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.
Alake said the government would work to translate the agreement into specific projects and investments in the coming months.
“In the coming months, we will turn this framework into projects, investments and real results for our people,” he said.
He added that the government would identify viable projects and develop partnerships intended to create value for both Nigerians and US investors.
The minister said the initiative was part of efforts to transform Nigeria’s mineral wealth into sustainable economic growth and advance the diversification objectives of President Bola Ahmed Tinubu’s Renewed Hope Agenda.