Reports of $700bn mineral sale to US false, says FG
The Federal Government has dismissed reports of a $700bn solid minerals sale to the US, clarifying that the bilateral agreement is to attract investment. Read More: https://punchng.com/reports-of-700bn-mineral-sale-to-us-false-says-fg/
The Minister of Solid Minerals Development, Dele Alake, has refuted claims that Nigeria sold $700 billion worth of its natural resources to the United States. Alake inaugurated the Nigeria-United States Committee on Strategic Cooperation in the Solid Minerals Sector during a recent event in Abuja. The committee was established as part of a strategic cooperation framework signed between the two nations during the 81st United Nations General Assembly.
Alake clarified that the agreement aimed to foster mutually beneficial economic cooperation, facilitating business-to-business engagements between American investors and Nigerian operators. He emphasized that there was no transfer of ownership of Nigeria's mineral resources and that no assets were exchanged. The minister highlighted the importance of local processing to retain value within the country, promote industrialization, and create employment opportunities.
Nigeria has been striving to shift from a mono-product economy dependent on crude oil to one that leverages its abundant mineral resources for clean energy technologies.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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