Nigeria, US Sign Mineral Investment Pact
Nigeria and the United States have signed a mineral investment pact aimed at unlocking greater American investment in Nigeria’s estimated $700 billion solid minerals sector.
The agreement was signed by Nigeria’s Minister of Solid Minerals Development, Dele Alake, and U.S. Deputy Secretary of State Christopher Landau, at Nigeria’s Mission House in New York, United States.
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-driven value chain.
Welcoming Landau and the United States delegation to the ceremony, Alake spoke glowingly of the agreement as a development that will shape the future.
His words:”Some agreements manage the present, and some agreements shape the future. The framework we sign today belongs to the second kind.
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.
But let me be clear about Nigeria’s ambition. 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.”
According to Alake, the framework opens the way for both countries to cooperate and collaborate on geological data and exploration, mineral development and processing, infrastructure, and technical capacity.
He said the implementation will achieve the economic diversification goals of the Renewed Hope Agenda of President Bola Ahmed Tinubu and boost 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”, the minister said.
Responding, Deputy Secretary of State Landau concurred with Nigeria’s position, adding that as Africa’s fastest-growing economy and most populous country, Nigeria is a regional power that deserves partnership with the United States.
He said the agreement will bring greater prosperity to both countries and that the United States is happy to supportNigeria’s economic growth
“The signal we are sending is that the United States and Nigeria are partners
Under President Trump and President Tinubu’s leadership, the United States and Nigeria have done many things together in the last one and a half years that we’ve never done before. I think we will like to keep building on that momentum.” Landau said.
