US to deepen investment in Nigeria’s mining sector under new agreement

Nigeria and the United States have signed an agreement aimed at deepening American investment in Nigeria’s mining sector and supporting the development of the country’s mineral resources.

The agreement was signed on Wednesday at the Nigeria Mission House in New York by Nigeria’s Minister of Solid Minerals Development and US Deputy Secretary of State Christopher Landau.

The framework covers geological data and mineral exploration, mineral development and processing, infrastructure, and technical capacity development.

Nigeria’s mineral resources are estimated to be worth about US$700 billion, according to the Nigerian government, which is seeking to attract investment to the sector as part of efforts to diversify the economy.

The Nigerian government said the agreement is intended to support greater local processing and value addition rather than leaving the country primarily as an exporter of raw minerals.

It said the partnership would also seek to create quality jobs, strengthen technical skills and expand opportunities for Nigerian businesses to participate in the mining value chain.

Under the framework, Nigeria and the United States are expected to identify viable mining projects and develop partnerships that can translate the agreement into investments and specific projects.

The Nigerian government said the initiative would help convert the country’s mineral resources into broader economic opportunities and support the diversification objectives of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

The agreement comes as Nigeria seeks to develop its mining sector by attracting investment into exploration, mineral processing, infrastructure and other parts of the mineral value chain.