Nigeria and the United States have signed a framework agreement aimed at deepening American investment in Nigeria’s solid minerals sector and developing the country’s estimated $700 billion mineral resources.
The agreement was signed and exchanged in New York by Nigeria’s Minister of Solid Minerals Development, Dele Alake, and the US Deputy Secretary of State, Christopher Landau, on the sidelines of the 81st United Nations General Assembly.
The framework will focus on geological data and exploration, mineral development and processing, infrastructure development and technical capacity building. It is also expected to provide a basis for business-to-business partnerships and greater investment across Nigeria’s mineral value chain.
Speaking at the signing ceremony, Alake said the agreement was designed to move Nigeria beyond the export of raw minerals by encouraging local processing, developing skills and creating more opportunities for Nigerian businesses.
He said Nigeria wanted to retain more value from its mineral resources by building domestic processing and manufacturing capacity.
“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,” Alake said.
The minister said the framework would strengthen cooperation between both countries in mineral exploration, development, processing, infrastructure and technical capacity.
He also stressed that the signing was only the beginning, saying the real test would be the implementation of the agreement.
“Now comes the harder and more important work: moving from agreement to implementation. A signature is a promise, results are the proof,” he said.
Alake said Nigeria and the United States would identify viable projects, mobilise investment and develop commercial partnerships in the coming months.
Responding, Landau said the United States regarded Nigeria as an important regional power and was committed to strengthening its partnership with the country.
He said the agreement would support economic opportunities in both countries and reaffirmed Washington’s interest in Nigeria’s economic growth.
“The signal we are sending is that the United States and Nigeria are partners,” Landau said.
The agreement comes as the Federal Government seeks to attract more foreign investment into Nigeria’s mining sector and increase local value addition from the country’s mineral resources.
The US delegation at the signing included Deputy Assistant Secretary for West African Affairs Rich Michaels, Acting Deputy Assistant Secretary for Southern Africa, Foreign Assistance and Critical Minerals Chris Kulukundis, Senior Policy Adviser to the Deputy Secretary Wyatt Toehlkeke and Jitu Sardar.
Lagos State Governor Babajide Sanwo-Olu, Permanent Secretary of the Ministry of Solid Minerals Development Yusuf Yabo, Director-General of the Nigerian Mining Cadastre Office Simon Nkom, Executive Secretary of the Solid Minerals Development Fund Fatima Shinkafi and Chief Executive Officer of the Nigeria Solid Minerals Company Martin Imonitie also witnessed the ceremony
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