Nigeria and the United States have signed a mineral investment agreement aimed at unlocking Nigeria’s estimated $700bn solid minerals potential and deepening bilateral economic cooperation.
The agreement was signed in New York by the Minister of Solid Minerals Development, Dele Alake, and the United States Deputy Secretary of State, Christopher Landau. It establishes a government-to-government framework intended to facilitate business-to-business transactions in the mining sector.
The framework will support mineral exploration, improved geological data, technical capacity development and investment in local processing infrastructure. It is also expected to strengthen supply chains for critical minerals through increased investment and commercial partnerships.
Alake said Nigeria’s objective was to move beyond exporting unprocessed raw materials by developing local processing capacity, creating jobs, building skills and expanding opportunities for Nigerian businesses. He described the agreement as a long-term economic catalyst rather than a conventional commercial deal.
The minister said the next phase would focus on implementation, including identifying viable projects, mobilising investment and establishing partnerships capable of delivering measurable benefits. He said the initiative aligned with President Bola Tinubu’s economic diversification agenda.
Landau described Nigeria as a critical regional power whose market size and economic prospects justified a deeper strategic partnership with the United States. He said both countries had made significant progress in bilateral relations over the past 18 months and expressed interest in expanding the cooperation.
The signing was witnessed by Nigerian officials including Lagos State Governor Babajide Sanwo-Olu and senior officials from the Ministry of Solid Minerals Development, Mining Cadastre Office, Solid Minerals Development Fund and Nigeria Solid Minerals Company. Senior US diplomats and advisers also attended the ceremony.
