Nigeria and the US have signed a memorandum of understanding (MoU) aimed at encouraging US investment in Nigeria’s mining sector and supporting domestic mineral processing.
Nigerian Minister of Solid Minerals Development Dr Oladele Henry Alake and US Deputy Secretary of State Christopher Landau signed the framework in New York during the United Nations General Assembly.
The MoU covers cooperation on geological data and exploration, mineral development and processing, infrastructure, and technical capacity.
Nigeria says it intends to use government cooperation as a foundation for transactions between US and Nigerian businesses. Its government estimates the country’s undeveloped mineral resources are worth approximately US$700 billion ($995.8 billion), although it has not published the methodology underpinning that valuation.
No individual projects, participating companies, financing commitments, or implementation timetable were announced.
Alake says the parties will identify potential projects, seek investment, and develop commercial partnerships over the coming months. He says Nigeria wants the framework to reduce its reliance on exports of unprocessed minerals.
“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,” Alake says.
Landau says the agreement reflects broader cooperation between the countries.
“The signal we are sending is that the US and Nigeria are partners,” Landau says.
Nigeria hosts deposits of lithium, gold, tin, gemstones, iron ore, and phosphate. The country is seeking to expand mining as part of efforts to diversify its economy beyond oil and gas.
However, the agreement does not itself commit either government or private companies to fund or develop a mining project.
Write to France Pinzon at Mining.com.au
Main image: Federal Ministry of Information & National Orientation (Nigeria)
