President Bola Tinubu has welcomed an agreement between Nigeria and the United States aimed at deepening American investment in Nigeria’s mining sector.
Tinubu disclosed this in a statement issued on his X account, following the agreement signed in New York by the Minister of Solid Minerals Development, Dele Alake, and US Deputy Secretary of State Christopher Landau.
The President said the agreement would help unlock the potential of Nigeria’s mineral resources, which he estimated at about $700 billion. Tinubu stated that his administration had deliberately moved the country away from simply extracting and exporting raw minerals by tying new mining licences to local value addition.
According to him, the government has also worked to attract investments into mineral processing and refining within Nigeria. The President said the policy was already producing results, with new processing plants being established, billions of dollars in investment commitments entering the sector and growing investor interest in Nigeria’s critical minerals.
He said the administration’s ambition was to deepen progress across the entire mining value chain, from exploration and extraction to processing, refining and manufacturing.
Tinubu stressed that Nigerians must benefit at every stage of the process through employment, skills development and opportunities for local contractors, transporters and suppliers.
He added that processing minerals closer to their sources should bring industry, infrastructure and improved livelihoods to mining communities.
The President said Nigeria also seeks to process and manufacture more mineral resources locally and export higher-value products.
Tinubu said the agreement with the United States builds on the progress already made, adding that the government welcomes partners willing to bring capital, technology and expertise to create value within Nigeria.
By Musekir Faisat Omolara
