Nigeria, US sign agreement to boost mining investment
The deal follows Washington's push to strengthen ties with mineral-producing countries.
Nigeria and the United States have formalized a framework agreement to bolster US investment in Nigeria's mining industry, according to Nigeria's solid minerals minister, Dele Alake. The pact, signed in New York on Wednesday by Alake and US Deputy Secretary of State Christopher Landau, encompasses various aspects including geological data, mineral exploration, development, processing, infrastructure, and technical capacity building.
This agreement comes in line with the United States' strategy to fortify relationships with mineral-rich nations and broaden supply chains for essential minerals utilized in industries such as electric vehicles and renewable energy infrastructure. Nigeria, with an estimated $700 billion worth of mineral resources, is aiming to shift its focus from being a raw material supplier to creating more value locally.
Alake emphasized the importance of increasing domestic processing, generating quality employment, enhancing skills, and fostering better business opportunities for Nigerians in a statement released following the signing.
Nigeria aspires to leverage this partnership to attract investments into its largely undeveloped mining sector, particularly in the burgeoning lithium industry, where Chinese corporations have been leading the pack as the most active foreign investors.
Written by urgent.news from SABC News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
