By Daniel Oluwatobiloba Popoola
Nigeria’s $700 billion mineral resources will be developed under a new framework with the United States, following an agreement to deepen American investment in the country’s mining sector.
The agreement was signed by the Minister of Solid Minerals Development, Dele Alake, and US Deputy Secretary of State, Christopher Landau, at the Nigeria Mission House in New York on Wednesday, 23 September, on the sidelines of the 81st United Nations General Assembly.
Announcing the development in a post on his X handle on Thursday, 24 September, 2026 Alake said the framework covers geological data and exploration, mineral development and processing, infrastructure and technical capacity.
“This is an important step in strengthening Nigeria-US cooperation around our mineral resources, valued at about $700 billion. The framework covers geological data and exploration, mineral development and processing, infrastructure, and technical capacity,” he said.
Alake said Nigeria could no longer remain a source of raw materials while other countries capture most of the value.
“Nigeria cannot remain a source of raw materials while others capture most of the value. We want more local processing, quality jobs, stronger skills and greater opportunities for Nigerian businesses,” he said.
He added that the government would in the coming months translate the framework into concrete projects.
“In the coming months, we will turn this framework into projects, investments and real results for our people. We will identify viable projects and build partnerships that create value for Nigerians and our US partners,” Alake said.
The agreement comes as the Federal Government intensifies efforts to attract foreign investment into the solid minerals sector and boost local value addition.
