Nigeria and the United States have signed a framework agreement aimed at deepening American investment in Nigeria’s mining sector and unlocking the country’s estimated $700 billion mineral resources.
The agreement was signed on Wednesday at the Nigeria Mission House in New York by Nigeria’s 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 provides for cooperation in geological data and mineral exploration, mineral development and processing, infrastructure development and technical capacity building.
Alake said the agreement represented an important step in strengthening Nigeria-US cooperation in the solid minerals sector, while stressing that Nigeria sought to move beyond exporting raw minerals and retain more value from its mineral resources domestically.
According to him, the government wants increased local processing, skills development, quality jobs and greater opportunities for Nigerian businesses along the mineral value chain.
He said the next phase would focus on translating the agreement into concrete projects and investments, with both countries expected to identify viable opportunities and develop commercial partnerships.
“A signature is a promise, results are the proof,” Alake said, adding that the implementation would support President Bola Tinubu’s Renewed Hope Agenda on economic diversification and industrial growth.
Landau described Nigeria as a strategic partner of the United States, saying Washington was prepared to support the country’s economic growth through greater cooperation.
He said the agreement demonstrated that Nigeria and the US were partners and expressed the US government’s interest in building on the momentum in bilateral relations.
Landau also supported Nigeria’s objective of retaining more value from its mineral resources, saying the country should not remain solely a supplier of raw materials.
The signing was witnessed by Lagos State Governor Babajide Sanwo-Olu and senior Nigerian officials, including Permanent Secretary of the Ministry of Solid Minerals Development Yusuf Yabo, Mining Cadastre Office Director-General Simon Nkom, Executive Secretary of the Solid Minerals Development Fund Fatima Shinkafi and Chief Executive Officer of the Nigeria Solid Minerals Company Martin Imonitie.
No specific investment amount or individual mining project was announced alongside the agreement, with implementation expected to focus on identifying viable projects and mobilising investment in the coming months.