Alake: Deal marks shift from Nigeria’s role as raw materials exporter
US: We regard Nigeria as regional power
Folalumi Alaran in Abuja
Nigeria and the United States have signed a framework agreement to deepen American investment in Nigeria’s solid minerals sector, with cooperation spanning geological data and exploration, mineral development and processing, infrastructure and technical capacity.
The agreement, signed by the Minister of Solid Minerals Development, Dele Alake, and the US Deputy Secretary of State, Christopher Landau, at Nigeria’s Mission House in New York, is expected to provide a framework for business-to-business transactions aimed at developing Nigeria’s mineral value chains.
The framework is also expected to leverage the bilateral relationship between both countries to attract investment into Nigeria’s estimated $700 billion mineral resource base and promote greater value addition within the country.
Speaking at the ceremony, Alake said the agreement marked a shift from Nigeria’s traditional role as an exporter of raw materials, stressing that the government’s objective was to retain more value from the country’s mineral resources through local processing, skills development and job creation.
He said: “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.”
The minister said Nigeria was not seeking to remain merely a source of raw materials for industries elsewhere, but wanted to develop domestic processing and manufacturing capacity around its mineral resources.
According to him, the framework would facilitate cooperation in geological data and exploration, mineral development and processing, infrastructure development and technical capacity building.
He said the initiative would support the economic diversification objectives of President Bola Tinubu’s Renewed Hope Agenda and contribute to industrial growth.
Alake, however, said the signing was only the beginning, stressing that the success of the framework would depend on its implementation.
“Now comes the harder and more important work: moving from agreement to implementation. A signature is a promise, results are the proof,” he said.
He added that Nigeria and the United States would, in the months ahead, identify viable projects, mobilise investments and develop commercial partnerships capable of delivering measurable benefits to both countries.
Responding, Landau said the United States regarded Nigeria as a regional power and was committed to strengthening its partnership with the country.
He said the agreement would support greater prosperity in both countries, adding that Washington was pleased to support Nigeria’s economic growth. “The signal we are sending is that the United States and Nigeria are partners,” Landau said.
He added: “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 would like to keep building on that momentum.”
The US delegation included the Deputy Assistant Secretary for West African Affairs, Rich Michaels; Acting Deputy Assistant Secretary for Southern Africa, Foreign Assistance and Critical Minerals, Chris Kulukundis; Senior Policy Adviser to the Deputy Secretary, Wyatt Toehlkeke; and Jitu Sardar.
The Lagos State Governor, Babajide Sanwo-Olu; Permanent Secretary, Ministry of Solid Minerals Development, Yusuf Yabo; Director-General, Nigerian Mining Cadastre Office, Simon Nkom; Executive Secretary, Solid Minerals Development Fund, Hajiya Fatima Shinkafi; and Chief Executive Officer, Nigeria Solid Minerals Company, Martin Imonitie, witnessed the ceremony.