Nigeria and the United States have signed an agreement to deepen American investment in Nigeria’s mining sector and accelerate the development of the country’s mineral resources, estimated by the Federal Government at about $700 billion.
The agreement was signed on Wednesday, 23rd September, 2026, at the Nigeria Mission House in New York by the Minister of Solid Minerals Development, Dr Dele Alake, and the United States Deputy Secretary of State, Christopher Landau, on the sidelines of the 81st United Nations General Assembly.
The framework covers cooperation in geological data and exploration, mineral development and processing, infrastructure, and technical capacity building.
Alake described the agreement as an important step towards strengthening Nigeria-US cooperation in the development of Nigeria’s mineral resources.
According to him, the partnership is intended to go beyond attracting foreign capital into the sector to ensuring that Nigeria retains a greater share of the value generated from its mineral wealth.
He said Nigeria could no longer afford to remain predominantly a source of raw materials while other countries and companies captured most of the value through processing and manufacturing.
“We are not here to remain a source of raw material for the value that others create,” Alake said.
The Minister stressed the Federal Government’s determination to promote local processing, develop technical skills and create quality jobs.
Alake said the agreement would create opportunities for Nigerian businesses while facilitating the entry of American capital, technology and expertise into the mining value chain.
He explained that the cooperation would extend beyond exploration to mineral processing, infrastructure development and technical capacity building.
Alake said the Federal Government would now focus on translating the framework into concrete projects and investments capable of delivering measurable benefits to Nigerians.
“In the coming months, we will turn this framework into projects, investments and real results for our people,” he said.
He added that the government would identify viable mining projects and develop partnerships capable of creating value for both Nigerian and American stakeholders.
The minister said the agreement also aligned with the Federal Government’s broader efforts to diversify the Nigerian economy by positioning the solid minerals sector as a significant driver of industrialisation, employment and economic growth.
On his part, Landau said the agreement reflected the strengthening economic partnership between Nigeria and the United States, with both countries seeking greater economic prosperity.
The US official also backed Nigeria’s objective of moving away from the export of raw minerals and retaining more value domestically through processing and other value-added activities.
The pact comes as Nigeria intensifies efforts to attract investment into its critical minerals sector, strengthen mineral supply chains and increase the contribution of mining to the national economy.
The Federal Government has increasingly prioritised local processing, value addition, technical skills development and infrastructure as key components of its mining-sector reform agenda.
Alake said effective implementation of the Nigeria-US framework would help transform Nigeria’s mineral wealth into sustainable economic opportunities while supporting the economic diversification objectives of President Bola Ahmed Tinubu’s Renewed Hope Agenda.
He said the success of the agreement would ultimately be measured by the projects established, investments mobilised, processing facilities developed, jobs created and technical skills transferred to Nigerians.
Credit – The Miners
(vitalnewsngr.com)
