BREAKING: 🇳🇬🇺🇸 Nigeria, United States Sign Agreement to Deepen Investment in Mining Sector
Nigeria and the United States have signed a framework agreement aimed at deepening American investment in Nigeria’s mining sector and developing the country’s mineral resources.
The agreement was signed in New York by Nigeria’s Minister of Solid Minerals Development, Dele Alake, and U.S. Deputy Secretary of State Christopher Landau, on the sidelines of the 81st United Nations General Assembly.
According to Alake, the framework covers geological data and exploration, mineral development and processing, infrastructure development, and technical capacity building.
Nigeria’s government estimates the country’s mineral resources at approximately $700 billion, and the agreement is part of efforts to attract more foreign investment while reducing dependence on the export of raw minerals.
Alake said Nigeria wants to move beyond simply exporting raw materials by encouraging local processing, job creation, skills development and greater opportunities for Nigerian businesses.
The agreement also comes as the United States seeks stronger relationships with mineral-producing countries and more diversified supply chains for critical minerals used in technologies including electric vehicle batteries and renewable-energy infrastructure, according to Reuters.
The minister said the next stage will involve identifying viable projects, mobilising investment and developing commercial partnerships between Nigerian and U.S. businesses.
U.S. officials described Nigeria as an important partner, while the framework is expected to provide a basis for further government and private-sector cooperation in the mining industry.
The signing does not itself represent $700 billion in new investment; the $700 billion figure refers to Nigeria's government estimate of the value of its mineral resources. Specific investments are expected to emerge as the framework is implemented.
Sources: Reuters, Punch, TheCable, Voice of Nigeria and The Guardian Nigeria.