Nigeria and the United States have signed an agreement to attract American investment into Nigeria’s solid minerals sector and unlock an estimated $700 billion in mineral resources.
The framework, signed in New York on Wednesday by Nigeria’s Minister of Solid Minerals Development, Dele Alake, and US Deputy Secretary of State Christopher Landau, targets cooperation in mineral exploration, development, processing, infrastructure and technical capacity.
The agreement is also expected to provide a platform for business-to-business transactions between Nigerian and American companies, with a focus on developing value chains and increasing local processing of Nigeria’s mineral resources.
Speaking at the signing ceremony at Nigeria’s Mission House in New York, Alake said the pact marked a shift from simply extracting minerals to creating greater economic value within Nigeria.
“Some agreements manage the present, and some agreements shape the future. The framework we sign today belongs to the second kind,” Alake said.
The minister said Nigeria would not be content with exporting raw materials while other countries captured most of the value generated from its mineral resources.
“Our goal is to turn potential into lasting value at home through stronger local processing, new skills, quality jobs, and new opportunities for Nigerian businesses,” he said.
Alake said the agreement would strengthen cooperation between both countries on geological data and exploration, mineral development and processing, infrastructure and technical capacity.
He said the partnership would support the economic diversification objectives of President Bola Tinubu’s Renewed Hope Agenda and contribute to industrial growth.
The minister, however, said the signing of the agreement was only the beginning, stressing that both countries must now translate the framework into investment and actual projects.
“Now comes the harder and more important work: moving from agreement to implementation. A signature is a promise, results are the proof,” Alake said.
He added that the two countries would identify viable projects, mobilise investments and develop commercial partnerships capable of delivering measurable benefits.
On his part, Landau described Nigeria as a strategic partner for the United States, saying the country’s population and economic position made it an important regional power.
He said the agreement would promote prosperity in both countries and expressed Washington’s readiness to support Nigeria’s economic growth.
“The signal we are sending is that the United States and Nigeria are partners,” Landau said.
He added, “Under President Trump and President Tinubu’s leadership, the United States and Nigeria have done many things together in the last one and a half years that we’ve never done before. I think we will like to keep building on that momentum.”
The pact comes amid efforts by the Federal Government to attract investment into Nigeria’s mining industry, diversify government revenue and reduce dependence on oil through the development of the country’s solid mineral resources.
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