The United States says its new $700 billion Critical Minerals Framework with Nigeria will deepen economic ties between both countries and unlock investment opportunities in Nigeria’s vast mineral resources.
The U.S. Department of State said the framework would expand opportunities for American companies to access Nigeria’s critical minerals while strengthening U.S. supply chains.
“The U.S. and Nigeria strengthened our economic partnership through a new Critical Minerals Framework,” the department said.
Washington said the agreement would “expand opportunities for American companies to access Nigeria’s critical mineral resources and strengthen U.S. supply chains.”
The framework was signed on Sept. 23 at Nigeria’s House in New York on the sidelines of the 81st Session of the United Nations General Assembly.
Nigeria’s Minister of Solid Minerals Development, Dr. Dele Alake, signed on behalf of Nigeria, while U.S. Deputy Secretary of State Christopher Landau signed for the United States.
The agreement covers cooperation in geological data, mineral exploration, development and processing, infrastructure and technical capacity building.
It is also designed to leverage government-to-government relations to facilitate business-to-business transactions and attract American investment across Nigeria’s mineral value chain.
Nigeria estimates the value of its mineral resources at about $700 billion and is seeking increased investment in the sector as part of efforts to diversify the economy beyond petroleum.
“The framework will advance responsible development of Nigeria’s resources that support economic growth” for both Nigeria and the United States, Washington said.
Speaking at the signing ceremony, Alake described the framework as an agreement capable of shaping the future of economic relations between the two countries.
“Some agreements manage the present, and some agreements shape the future. The framework we sign today belongs to the second kind,” he said.
The minister stressed that Nigeria’s objective was not simply to extract and export its mineral resources in raw form.
“Our goal is to turn potential into lasting value at home through stronger local processing, new skills, quality jobs and new opportunities for Nigerian businesses,” he said.
According to Alake, cooperation under the framework would cover exploration, mineral development and processing, infrastructure and technical capacity building.
He said the partnership would support the administration of President Bola Tinubu’s economic diversification agenda and promote industrialization through increased domestic value addition.
Nigeria has deposits of lithium and other minerals that are increasingly used in batteries, renewable energy systems, advanced manufacturing, and emerging technologies.
Alake said the signing of the framework marked only the beginning, stressing that its implementation would determine the benefits for both countries.
“Now comes the harder and more important work: moving from agreement to implementation. A signature is a promise, results are the proof.”
Landau described Nigeria as a strategic U.S. partner and an important regional power, citing its population and economic significance.
He said the framework would create opportunities for greater prosperity in both countries and reaffirmed Washington’s commitment to Nigeria’s economic growth.
The U.S. announcement places the Nigeria agreement within Washington’s broader efforts to strengthen critical-mineral supply chains and increase American private-sector investment in Africa.
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The United States and African Union have also advanced infrastructure projects through their Strategic Infrastructure and Investment Working Group.
Washington said the initiative was “creating new opportunities for U.S. private-sector investment across Africa.”
The mechanism seeks to connect American capital and expertise with African infrastructure priorities, including transport, trade, energy, digital development and critical-mineral supply chains.
