In a move to boost American investment in Nigeria, the country and the United States have signed an agreement aimed at unlocking the potential of Nigeria’s mineral resources.
The agreement was signed on Wednesday at the Nigeria Mission House in New York by the U.S. Deputy Secretary of State, Christopher Landau, on behalf of the United States, and the Minister of Solid Minerals Development, Dele Alake, on behalf of Nigeria.
Speaking on the development, Alake described the agreement as an important step in strengthening Nigeria-U.S. cooperation in the development of the country’s mineral resources, which are valued at about $700 billion.
He pointed out that the framework covers geological data and exploration, mineral development and processing, infrastructure, and technical capacity.
“Nigeria cannot remain a source of raw materials while others capture most of the value. We want more local processing, quality jobs, stronger skills and greater opportunities for Nigerian businesses,” he said.
Alake declared that in the coming months, the Ministry would translate the framework into projects, investments, and real results for Nigerians.
He added that the Ministry would identify viable projects and build partnerships that create value for both Nigerians and the United States partners.
He explained that this would enable the Ministry to transform Nigeria’s mineral wealth into sustainable economic growth and advance the diversification goals of President Bola Tinubu’s Renewed Hope Agenda.
Similarly, the President welcomed the development, saying that under his administration, Nigeria remains open to partnerships that deliver meaningful benefits at home and create opportunities for its people.
He noted that, from the beginning, his administration had made a deliberate choice to move Nigeria away from simply extracting and exporting raw minerals.
“We tied new mining licences to local value addition and have worked to attract investment into processing and refining here at home.
“That policy is already producing results. New processing plants are being established, billions of dollars in investment commitments have entered the sector, and investor interest in Nigeria’s critical minerals continues to grow,” he said.
The President stressed that his administration’s ambition is now to deepen this progress across the entire mining value chain, from exploration and extraction to processing, refining and manufacturing.
“At every stage, Nigerians must benefit. Our geologists, engineers, and technicians must find work. Our young people must acquire new skills. Local contractors, transporters, and suppliers must have opportunities to build businesses. Processing closer to where minerals are found should bring industry, infrastructure, and better livelihoods to mining communities.”
He also disclosed that Nigeria is changing what it sells to the world, saying, “We want to process more here, manufacture more here, and export higher-value products.”
Tinubu emphasised that the agreement with the United States builds on the progress his government has already made.
He further welcomed partners who bring capital, technology, and expertise and are prepared to create value in Nigeria.
The President asserted that Nigeria’s mineral wealth must create Nigerian jobs, grow Nigerian businesses, and bring greater prosperity to the communities where these resources are found.
He argued that this is how the reforms undertaken by his administration can be turned into opportunities for Nigerians.
