Nigeria and the United States have signed a framework agreement aimed at facilitating American investment in Nigeria’s mining sector, estimated to be worth $700 billion.
The agreement was signed at Nigeria’s Mission House in New York and is intended to use government-to-government ties as a foundation for business-to-business transactions, with a focus on developing Nigeria’s mineral value chains.
Speaking at the ceremony, Nigeria’s Minister of Solid Minerals Development, Dele Alake, described the agreement as one that would shape the future of the sector.
“Some agreements manage the present, and some agreements shape the future. The framework we signed today belongs to the second kind,” Mr Alake said.
“In signing this Framework, Nigeria and the United States affirm a shared conviction: that the supply chains for these critical minerals must be secure, resilient and built on responsible investment,” he added.
Mr Alake said Nigeria wanted to move beyond exporting raw materials and develop greater domestic value from its mineral resources.
“We are not here to remain a source of raw material for the values that others create. Our goal is to turn potential into lasting value at home through stronger local processing, new skills, quality jobs, and new opportunities for Nigerian businesses,” he said.
The minister said the framework would provide opportunities for cooperation in geological data and exploration, mineral development and processing, infrastructure, and technical capacity.
He said its implementation would support the economic diversification objectives of President Bola Tinubu’s Renewed Hope Agenda and promote industrial growth.
“Now comes the harder and more important work: moving from agreement to implementation. A signature is a promise, results are the proof. In the months ahead, we will identify viable projects, mobilise investments and build the commercial partnerships that deliver measurable benefits to our nations,” Mr Alake said.
US pledges deeper economic cooperation
US Deputy Secretary of State Christopher Landau said the United States agreed with Nigeria’s position, describing the country as a regional power that deserved a strong partnership with Washington.
“The signal we are sending is that the United States and Nigeria are partners,” Mr Landau said.
He said the agreement would contribute to greater prosperity in both countries and represented another step towards strengthening economic cooperation.
Mr Landau said the two countries had achieved significant milestones over the past 18 months under the leadership of President Donald Trump and President Bola Tinubu.
He expressed the US government’s commitment to building on the progress and deepening bilateral cooperation.
RN
