Nigeria, US sign pact to deepen mining investment

The Nigerian government and the United States have signed an agreement to strengthen American investment in the country's mining sector and promote the development of Nigeria's mineral resources. The deal was signed by Dele Alake, the Minister of Solid Minerals Development, and Christopher Landau, the US Deputy Secretary of State, during the 81st United Nations General Assembly in New York.

The agreement, disclosed by Alake on X on Thursday, will cover geological data and exploration, mineral development and processing, infrastructure, and technical capacity. According to the government, Nigeria's mineral resources are estimated to be worth $700 billion. Alake emphasized, "This is a significant step in strengthening Nigeria-US cooperation around our mineral resources, valued at about $700 billion.

The framework covers geological data and exploration, mineral development and processing, infrastructure, and technical capacity."

The deal aims to encourage local processing, create quality jobs, enhance skills, and provide greater opportunities for Nigerian businesses. Alake stated, "We want more local processing, quality jobs, stronger skills, and greater opportunities for Nigerian businesses."

In the coming months, the agreement will be translated into projects, investments, and real outcomes for the people of Nigeria. The goal is to identify viable projects and establish partnerships that generate value for Nigerians and their US counterparts. The agreement comes as the Federal Government intensifies its efforts to attract foreign investment into the solid minerals sector and boost local value addition.