Nigeria and the United States have signed a new framework to deepen investment in Nigeria’s solid minerals sector, valued at about $700 billion.
The framework was signed on Wednesday at Nigeria House in New York by the Minister of Solid Minerals Development, Hon. Dele Alake and US Deputy Secretary of State, Christopher Landau, on the sidelines of the 81st United Nations General Assembly.
According to Alake, the agreement is designed to move beyond export of raw materials by building a stronger local value chain through geological data and exploration, mineral development and processing, infrastructure development and technical capacity building.
Alake said the pact reflects a shared commitment to secure and resilient critical mineral supply chains built on responsible investment, adding that Nigeria is determined not to remain a source of raw materials while others capture the value.
“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.
The implementation of the framework is expected to support President Bola Tinubu’s Renewed Hope Agenda on economic diversification and accelerate industrial development.
Landau said the US recognizes Nigeria as Africa’s most populous nation and a regional power that deserves a strong partnership.
