Nigeria, US forge new framework to expand mining investment, mineral processing

Nigeria and the United States have signed a new framework to boost mining investment and utilization of the country's mineral resources. The agreement was signed by Nigeria's Minister of Solid Minerals Development, Dele Alake, and the US Deputy Secretary of State, Christopher Landau, in New York on Wednesday. The framework aims to attract more American investment and unlock value from Nigeria's mineral assets, estimated by the Federal Government to be worth around $700 billion.

The agreement covers areas such as geological data, exploration, mineral processing, infrastructure, and technical capacity building. Minister Alake emphasized that Nigeria wants to move beyond exporting raw minerals and retain more value within the country, promoting local processing, quality jobs, and stronger skills for Nigerian businesses.

The framework will be turned into projects and investments over the coming months, with the goal of creating value for Nigerians and US partners. This development comes as the Nigerian government intensifies efforts to attract international capital into the solid minerals industry and boost domestic processing and value addition.