Nigeria, US forge new framework to expand mining investment, mineral processing

Nigeria and the United States have agreed to strengthen cooperation in the mining sector through a new framework aimed at attracting more American investment and unlocking greater value from Nigeria’s mineral resources.

The agreement was formalised in New York on Wednesday by the Minister of Solid Minerals Development, Dele Alake, and the United States Deputy Secretary of State, Christopher Landau.

The signing took place at the Nigeria Mission House on the sidelines of the 81st United Nations General Assembly.

Alake disclosed the development in a post on X on Thursday, outlining the key areas covered by the agreement.

These include geological data and exploration, mineral development and processing, infrastructure, as well as technical capacity building.

According to Alake, Nigeria’s mineral resources are estimated by the Federal Government to be worth about $700 billion.

Describing the agreement as a significant development in bilateral cooperation, the minister said Nigeria was seeking to move beyond exporting raw minerals and retain more value within the country.

“This is an important step in strengthening Nigeria-US cooperation around our mineral resources, valued at about $700 billion. The framework covers geological data and exploration, mineral development and processing, infrastructure, and technical capacity.

“Nigeria cannot remain a source of raw materials while others capture most of the value. We want more local processing, quality jobs, stronger skills and greater opportunities for Nigerian businesses.

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“In the coming months, we will turn this framework into projects, investments and real results for our people. We will identify viable projects and build partnerships that create value for Nigerians and our US partners.”

The development comes as the Federal Government steps up efforts to attract international capital into Nigeria’s solid minerals industry.

The government is also seeking to increase domestic processing and value addition as part of broader efforts to create jobs, strengthen technical capacity and expand opportunities for Nigerian businesses within the mining value chain.

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