Nigeria: Nigeria, U.S.Sign Framework to Unlock $700bn Mineral Wealth
[Leadership] The federal government and the United States have signed an agreement to deepen American investment in Nigeria's mining sector and promote greater development of the country's mineral resources, estimated by the government at about $700 billion.
The federal government of Nigeria and the United States have signed a framework agreement to bolster US investment in the country's mining sector and capitalize on Nigeria's estimated $700 billion mineral resources. The pact was inked between the Minister of Solid Minerals Development, Dele Alake, and US Deputy Secretary of State Christopher Landau, during the 81st United Nations General Assembly in New York.
Alake outlined the framework's scope, which encompasses geological data and exploration, mineral development and processing, infrastructure, and technical capacity. He emphasized that the agreement represents a significant stride in enhancing Nigeria-US collaboration around the country's mineral resources. "This is an important step in strengthening Nigeria-US cooperation around our mineral resources, valued at about $700 billion," Alake stated.
The framework aims to promote greater local processing, create quality jobs, enhance skills, and foster greater opportunities for Nigerian businesses. Over the coming months, the framework will be translated into tangible projects, investments, and outcomes for Nigerians. The government plans to identify viable projects and establish partnerships that generate value for both Nigerians and US allies.
The agreement arrives as the Nigerian government intensifies its efforts to attract foreign investment into the solid minerals sector and boost local value addition.
Written by urgent.news from AllAfrica's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
