Alake Denies Sale of Nigeria’s $700 Billion Mineral Assets to US

• US Embassy official discloses AI data centre deal

Folalumi Alaran in Abuja

Minister of Solid Minerals Development, Dr. Dele Alake, yesterday dismissed reports that Nigeria had sold $700 billion worth of solid mineral assets to the United States, insisting that the bilateral agreement between both countries involves no transfer of ownership of Nigeria’s mineral resources.

Alake made the clarification in Abuja at the inauguration of the Nigeria-United States Committee on Strategic Cooperation in the Solid Minerals Sector, established following the strategic cooperation framework agreed by both countries during the 81st United Nations General Assembly in New York.

“There is no sale of any Nigerian asset. There’s nothing exchanging hands,” the minister declared, describing reports that the United States was coming to take over Nigeria’s mineral resources and security architecture as false.

He explained that the memorandum of understanding signed by both countries was a government-to-government framework designed to facilitate business-to-business engagements between American investors and Nigerian mining operators, rather than a transaction involving the sale of national assets.

He said, “We created a platform to facilitate mingling of US investment ventures with Nigeria’s local operators. It is in the public domain. We signed it in public and published it in four or five national newspapers.”

The minister said the partnership was intended to attract foreign investment, facilitate technology transfer, strengthen domestic mineral processing, and create employment, while ensuring that Nigeria retains greater economic value from its natural resources.

He stated that Nigeria and other African countries had historically received limited economic benefits from exporting raw materials, despite possessing resources critical to global industries, particularly the transition to clean energy.

Alake stated, “We have the resources, the critical elements the world needs to transit to clean energy. So, we are creating a new paradigm — you bring your capital, expertise and technology, to match with our natural resources and create a win-win situation. The investor gains, Nigeria gains.”

Alake said the federal government was determined to end the practice of extracting minerals and exporting them without processing, disclosing that investors are now required to demonstrate a clear pathway for local processing before being granted mineral titles.

He attributed the emergence of processing factories in the country to the policy, citing the lithium processing plant recently commissioned in Nasarawa State by Vice President Kashim Shettima as an example of the government’s push for value addition.

The minister also said the administration’s economic reforms had helped restore investor confidence by providing assurance on security of tenure and the repatriation of profits.

He charged members of the committee to identify investment opportunities, coordinate implementation of the bilateral framework and establish measurable outcomes, stressing that the initiative was strategic to President Bola Tinubu’s ambition of building a $1 trillion economy.

In a related development, Economic Officer at the United States Embassy, Jonathan Baas, disclosed that Washington had prioritised energy, artificial intelligence and critical minerals as key areas of engagement with other countries.

Baas said the United States was seeking partnerships that would secure critical mineral supply chains while enabling partner countries to capture more value from their resources.

He also disclosed that a contract had been signed to explore the development of artificial intelligence data centres in Nigeria.

He said, “We just signed a contract today on looking into building AI data centres in Nigeria at the Nigerian Economic Summit. That’s the direction Washington wants us to go.”

Earlier, Permanent Secretary of the Ministry of Solid Minerals Development, Faruk Yusuf Yabo, said the committee’s inauguration would translate growing bilateral engagements into a structured framework for practical cooperation and investment mobilisation.

The chief executive officer of Nigeria Solid Minerals Company said the committee would coordinate implementation, facilitate investment, and monitor progress towards achieving the objectives of the Nigeria-US cooperation framework.