NIGERIA, US OPEN NEW PATH FOR MINING INVESTMENT

Nigeria and the United States have signed a framework agreement aimed at increasing American investment in Nigeria’s solid minerals sector and supporting the development of the country’s mineral resources.

The agreement was signed in New York by the 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.

The framework covers cooperation in geological data and exploration, mineral development and processing, infrastructure and technical capacity.

Alake said Nigeria wants to move beyond exporting raw minerals by promoting local processing, creating jobs and developing skills within the country.

The minister said the agreement would help attract investment and create opportunities for Nigerian businesses across the mineral value chain.

He added that the government would focus on turning the framework into concrete projects and commercial partnerships.

The agreement forms part of Nigeria’s efforts to diversify its economy and increase the contribution of the solid minerals sector to national development.

The Nigerian government estimates the country’s mineral resources at about $700bn.