$700bn deal: Nigeria has 26 out of 60 minerals US needs – Minister

Dr Jumoke Oduwole, Minister of Industry, Trade and Investment for Nigeria, revealed on Tuesday that her country holds 26 of the 60 critical minerals the United States is seeking globally. During a discussion on Arise Television’s Morning Show, Oduwole emphasized that the U.S.'s list of 60 minerals is not something Nigeria would easily relinquish without favorable terms.

The critical minerals framework recently signed between Nigeria and the United States is a Memorandum of Understanding (MOU), not a legally binding agreement.

Oduwole explained that the Federal Government of Nigeria is currently striving to establish a comprehensive supply chain that adds value to the nation's minerals in collaboration with the U.S. While the U.S. aims to secure a reliable supply chain for its critical minerals, Nigeria seeks infrastructure, energy, and other opportunities to ensure its mineral resources are not merely exported in raw form.

She highlighted the importance of developing domestic value chains, mentioning the processing of lithium and battery manufacturing as examples.

Oduwole assured Nigerians that the government does not intend to surrender the nation's mineral resources. She explained that the MOU is a framework, not a detailed agreement, and it is a standard method of negotiation at the government-to-government level. Nigeria has been lagging in participating in the global critical minerals and rare earths supply chain, while other African countries like South Africa, Zambia, the Democratic Republic of Congo, and Sierra Leone have long been actively engaged in mining.

By formalizing mining operations, the minister argued, Nigeria could create employment opportunities for its youth, particularly in communities impacted by insecurity, and reduce restiveness by providing sustainable livelihoods.