Nigeria, US sign agreement to boost mining investment

Nigeria and the United States have inked a framework agreement to boost mining investment in West Africa, solid minerals minister Dele Alake announced on Thursday. Alake and US Deputy Secretary of State Christopher Landau inked the deal in New York on Wednesday. The agreement encompasses geological data, mineral exploration, development, processing, infrastructure, and technical capacity building.

The partnership aligns with Washington's strategy to strengthen ties with mineral-rich nations and bolster supply chains for critical minerals utilized in sectors like electric vehicles and renewable energy. Nigeria estimates its mineral reserves to be worth around $700 billion, prompting the nation to diversify its economy beyond oil dependency.

Alake emphasized Nigeria's desire to transition from merely supplying raw materials to fostering local processing, generating quality employment, enhancing skills, and creating more opportunities for local businesses. The agreement aims to lure investment into Nigeria's nascent mining sector, including the burgeoning lithium market, where Chinese firms have been among the most prominent foreign investors.