Nigeria and the United States have signed an agreement to invest in the mining industry with a framework for American investment in Nigeria’s $700 billion mineral resources.
Nigeria’s minister of Solid Minerals development, Dele Alake and U.S Deputy Secretary of State, Christopher Landau signed the agreement at the Nigeria’s Mission House in New York.
The agreement is expected to use the Nigeria-US government relationship as a foundation for business-to-business transactions to boost Nigeria’s value-addition policy.
The Minister notes that the framework is designed for both countries to collaborate on geological data and exploration, mineral development and processing, infrastructure and technical capacity.
For the U.S Deputy Secretary of State Landau, as Africa’s most populous country, Nigeria is a regional power that deserves partnership with the United States.
He says the agreement will bring greater prosperity to both countries and the United States is happy to support Nigeria’s economic growth.
I welcome the agreement signed in New York by the Minister of Solid Minerals Development, Dele Alake
@AlakeDele, and US Deputy Secretary of State Christopher Landau to deepen American investment in Nigeria’s mining sector and help unlock the potential of our mineral resources, estimated at about $700 billion.
From the beginning, we 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.
Our ambition now is 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.
We are also changing what Nigeria sells to the world. We want to process more here, manufacture more here and export higher-value products.
The agreement with the United States builds on the progress we have already made. We welcome partners who bring capital, technology and expertise and are prepared to create value with us here in Nigeria.
Our mineral wealth must create Nigerian jobs, grow Nigerian businesses and bring greater prosperity to the communities where these resources are found. This is how we turn the reforms we have made into opportunities for every Nigerian.
Bola Ahmed Tinubu, GCFR
