Nigeria, US sign pact to boost mining investment, local processing

Nigeria and the United States have signed a framework aimed at expanding American investment in Nigeria’s mining industry and accelerating the development and processing of the country’s mineral resources.

The agreement was signed on Wednesday 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.

The signing took place on the sidelines of the 81st United Nations General Assembly.

Alake disclosed the agreement 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 the minister, Nigeria’s mineral resources are estimated at about $700 billion.

He said the partnership was designed to move Nigeria beyond exporting raw minerals by encouraging domestic processing and creating more economic opportunities within the country.

“This is an important step in strengthening Nigeria-US cooperation around our mineral resources, valued at about $700 billion,” Alake said.

“The framework covers geological data and exploration, mineral development and processing, infrastructure, and technical capacity.

“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.”

Alake said the Federal Government would work with its US partners in the coming months to identify viable mining projects and translate the framework into investments and other concrete initiatives.

The agreement comes amid renewed efforts by the Federal Government to attract foreign capital into the mining sector, improve the exploitation of Nigeria’s mineral deposits and increase local value addition.