NEW YORK, (XOL Africa) — Nigeria will identify commercially viable mining projects and seek to mobilize U.S. investment under a newly signed mineral investment framework between the two countries, Solid Minerals Development Minister Dele Alake said.
Alake said the next phase of the agreement would move beyond government-to-government cooperation toward specific projects, investments and business partnerships across Nigeria’s mining value chain.
“Now comes the harder and more important work: moving from agreement to implementation. A signature is a promise, results are the proof,” Alake said at the signing ceremony in New York.
The framework, signed by Alake and U.S. Deputy Secretary of State Christopher Landau at Nigeria’s Mission House in New York, covers geological data and exploration, mineral development and processing, infrastructure and technical capacity building.
Alake said Nigeria would identify viable projects in the coming months and develop partnerships intended to generate measurable economic benefits for both Nigerian and U.S. companies.
“We will identify viable projects and build partnerships that create value for Nigerians and our US partners,” he said.
The agreement is designed to use bilateral government ties as a platform for business-to-business transactions and investment throughout the mineral value chain, rather than limiting cooperation to diplomatic engagement.
For Nigeria, a central objective is to increase domestic processing and reduce the export of minerals in their raw form, a longstanding feature of the country’s mining industry.
“Nigeria cannot remain a source of raw materials while others capture most of the value,” Alake said.
“We want more local processing, quality jobs, stronger skills and greater opportunities for Nigerian businesses.”
The Nigerian government estimates that the country has mineral resources worth about $700 billion. The figure represents an estimated value of Nigeria’s mineral endowment and is not a commitment or valuation of investment under the U.S.-Nigeria framework.
The agreement comes as Nigeria seeks to attract more foreign capital into its mining industry and diversify an economy that has historically depended heavily on oil revenues.
The U.S. has also sought to strengthen access to critical minerals needed for technologies including electric vehicles, advanced manufacturing and renewable-energy infrastructure, making mineral supply chains an increasingly important area of bilateral economic cooperation.
Nigeria’s mining authorities already provide investment information and regulatory resources covering mineral titles, geological data, mining regulations and investment opportunities. The federal mining portal lists seven strategic minerals and provides information on licensed operators and mineral buying centres.
Alake said the ultimate test of the new framework would be whether it produces investments, industrial activity and jobs rather than remaining a diplomatic agreement.
“In the coming months, we will turn this framework into projects, investments and real results for our people,” he said.
He said the initiative would support Nigeria’s broader effort to develop domestic processing capacity, technical expertise and infrastructure while creating opportunities for Nigerian businesses across the mining value chain.
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