Nigeria and the United States have signed a framework agreement to deepen American investment in Nigeria’s mining sector and promote the development of the country’s estimated $700 billion mineral resources.
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, on the sidelines of the 81st United Nations General Assembly.
The framework covers geological data and exploration, mineral development and processing, infrastructure, and technical capacity building.
Alake said the partnership would help Nigeria move away from exporting unprocessed raw materials and retain more value from its mineral resources through local processing, skills development and job creation.
“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.
READ ALSO: See You in Court — Fani-Kayode Reacts to $36m Lawsuit Threat by US Lobbying Firm
The minister said Nigeria and the US would work in the coming months to translate the framework into specific projects, investments and commercial partnerships.
He added that the agreement would support efforts to develop secure and resilient critical-mineral supply chains while creating opportunities for Nigerian businesses and US investors.
Landau said the United States viewed Nigeria as an important regional partner and expressed Washington’s commitment to supporting the country’s economic growth.
The agreement forms part of Nigeria’s broader efforts to attract foreign investment, expand mineral exploration and processing, and diversify the economy beyond oil.
