Nigeria and the United States have signed a framework agreement aimed at deepening American investment in Nigeria’s mining sector and developing the country’s mineral resources, with the Federal Government putting the estimated value of its mineral wealth at about $700 billion.
The agreement was signed on Wednesday at the Nigeria Mission House in New York by Minister of Solid Minerals Development Dele Alake and US Deputy Secretary of State Christopher Landau, on the sidelines of the 81st United Nations General Assembly.
Alake announced the agreement on Thursday, describing it as an important step in strengthening cooperation between Nigeria and the United States around the country’s mineral resources.
The framework covers geological data and exploration, mineral development and processing, infrastructure, and technical capacity building.
“This is an important step in strengthening Nigeria-US cooperation around our mineral resources, valued at about $700 billion,” Alake said.
The minister said Nigeria’s objective was to move beyond exporting raw minerals and retain more value from its natural resources within the country.
“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.”
The agreement is expected to provide a framework for business-to-business partnerships and investment across Nigeria’s mineral value chain, rather than representing a specific investment amount by the United States at the point of signing.
Alake said the next phase would involve identifying viable projects, mobilising investment and developing commercial partnerships that could translate the framework into actual mining and processing projects.
“A signature is a promise, results are the proof.”
The Federal Government has been seeking to diversify Nigeria’s economy away from its heavy dependence on crude oil by developing the solid minerals sector. The country has deposits of minerals including lithium, gold, tin, gemstones, iron ore and phosphate, while lithium has attracted increasing foreign interest in recent years.
The United States has also been seeking to strengthen supply chains for critical minerals used in technologies including electric vehicle batteries and renewable energy infrastructure, adding strategic importance to the agreement.
Speaking at the signing ceremony, Landau described Nigeria as an important US partner and said Washington was interested in supporting the country’s economic development.
“The signal we are sending is that the United States and Nigeria are partners.”
Landau said cooperation between the two countries had expanded under US President Donald Trump and Nigerian President Bola Tinubu, adding that Washington wanted to build on the existing relationship.
The ceremony was witnessed by Lagos State Governor Babajide Sanwo-Olu, Permanent Secretary of the Ministry of Solid Minerals Development Yusuf Yabo, Director-General of the Nigerian Mining Cadastral 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.
The US delegation 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.
The agreement comes as Nigeria seeks to attract more investment into its relatively underdeveloped mining industry, increase local processing and create more jobs and technical opportunities around its mineral resources.
The immediate focus will now shift from signing the framework to identifying projects and securing the investments and partnerships needed to turn the agreement into actual mining, processing and infrastructure developments.
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