Nigeria and the United States have signed a key framework agreement designed to unlock American investments in Nigeria’s estimated $700 billion mining sector.
The agreement was signed by Nigeria’s Minister of Solid Minerals Development, Dele Alake, and U.S. Deputy Secretary of State Christopher Landau during a ceremony at the Nigeria Mission House in New York on Wednesday.
The framework focuses on multiple areas, including sharing geological data, mineral exploration, processing, and building technical capacity, and will serve as a foundation for business-to-business partnerships that will drive growth across the mineral value chain.
Speaking at the event, Alake stated that the deal represents a shift from simply exporting raw materials to processing minerals locally to create quality jobs, develop new skills, and provide opportunities for local businesses.
He added that the next phase involves identifying viable projects, raising capital, and building commercial partnerships that benefit both countries.
U.S. Deputy Secretary of State Landau also praised the agreement, describing Nigeria as a regional power and a strategic partner for the United States. He added that the deal will build on existing relations and create more opportunities for greater prosperity.
During a separate session in New York, Vice President Kashim Shettima met with Nigerians living in the U.S., calling on the diaspora community to support the ongoing economic reforms back home. Shettima stated that the government values their expertise, capital, and networks in accelerating national development.
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