Nigeria, US Sign Framework to Unlock Investment in $700bn Minerals Sector
Alake: Deal marks shift from Nigeria’s role as raw materials exporter US: We regard Nigeria as regional power Folalumi Alaran in Abuja Nigeria and the United States have signed a framework
Nigeria and the United States have inked a framework agreement to bolster American investment in Nigeria's $700 billion minerals sector, marking a shift from the former's role as a raw materials exporter. The deal, signed by Nigeria's Minister of Solid Minerals Development, Dele Alake, and the US Deputy Secretary of State, Christopher Landau, encompasses geological data, exploration, mineral development, processing, infrastructure, and technical capacity.
Alake emphasized the agreement's potential to reshape Nigeria's mineral value chains, promote local processing, skills development, and job creation. He stated that the framework aligns with President Bola Tinubu's Renewed Hope Agenda and industrial growth objectives. US Deputy Secretary of State Christopher Landau affirmed Nigeria's regional status and the US commitment to strengthening the partnership, highlighting the agreement's role in promoting greater prosperity in both nations.
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