UNGA 81: Nigeria, US sign pact to unlock $700bn mineral resources
Nigeria and the United States have signed a framework agreement to attract American investment into Nigeria’s mining sector and develop the country’s mineral resources, estimated by the Federal Government at $700 billion.
The agreement was signed by the Minister of Solid Minerals Development, Dele Alake, and US Deputy Secretary of State Christopher Landau at Nigeria’s Mission House in New York on Wednesday, on the sidelines of the 81st United Nations General Assembly.
Alake said the framework would provide a basis for cooperation between both governments while creating opportunities for business-to-business partnerships in mineral exploration, development and processing.
“Some agreements manage the present, and some agreements shape the future. The framework we sign today belongs to the second kind,” Alake said.
He said Nigeria wanted to move beyond the export of raw minerals by promoting local processing, developing technical skills and creating jobs and opportunities for Nigerian businesses.
“But let me be clear about Nigeria’s ambition. We are not here to remain a source of raw material for the value that others create,” the minister said.
“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 agreement would facilitate cooperation in geological data and exploration, mineral development and processing, infrastructure and technical capacity.
