Business and Economy
Nigeria, U.S. Deepen Mineral Investment Partnership — Alake
Minister of Solid Minerals Development, Dr Dele Alake, says Nigeria’s mineral investment framework with the United States will help the country move beyond exporting raw materials and create more value locally.
Alake stated this in New York after signing the agreement with the U.S. Deputy Secretary of State, Christopher Landau.
He said the framework would strengthen cooperation between Nigeria and the United States in geological data, mineral exploration, processing, infrastructure and technical capacity.
According to the minister, Nigeria’s priority is to transform its vast mineral resources into local industries, skills, quality jobs and opportunities for Nigerian businesses.
He said the agreement would also strengthen critical mineral supply chains through responsible investment and deeper business partnerships between both countries.
Alake stressed that signing the agreement was only the beginning, noting that its success would depend on moving quickly from the framework to actual projects and investments.
“A signature is a promise, results are the proof,” the minister said, adding that Nigeria would identify viable projects, mobilise investments and develop commercial partnerships that deliver measurable benefits.
He said the initiative was in line with the economic diversification and industrialisation objectives of President Bola Ahmed Tinubu’s Renewed Hope Agenda.
On his part, the U.S. Deputy Secretary of State, Christopher Landau, who described Nigeria as an important regional power, said the United States was committed to strengthening its partnership with Nigeria and supporting the country’s economic growth.
The agreement is expected to open new opportunities for U.S. investment in Nigeria’s mining sector and support the development of the country’s estimated 700-billion-dollar mineral resources.
