By | Goodluck E. Adubazi, Abuja
The Minister of Solid Minerals Development, Dr. Dele Alake, has dismissed reports that Nigeria sold $700 billion worth of solid minerals to the United States, insisting that no Nigerian mineral asset has been sold or transferred to the American government.
Alake made the clarification on Tuesday in Abuja while inaugurating the Nigeria–United States Committee on Strategic Cooperation in the Solid Minerals Sector, describing the bilateral agreement as a platform for attracting investment and facilitating partnerships between American investors and Nigerian mining operators.
He said the Memorandum of Understanding (MoU) signed by both countries was designed to promote government-to-government cooperation and business-to-business engagements, stressing that it did not involve the sale of Nigeria’s mineral resources or national assets.
“There is no sale of any Nigerian asset. There’s nothing exchanging hands,” the minister declared.
He described reports suggesting that the United States intended to take over Nigeria’s mineral resources and security architecture as misleading, insisting that the agreement was established to promote mutually beneficial economic cooperation.
The framework followed strategic engagements between both countries during the 81st United Nations General Assembly in New York.
Alake said the partnership aligned with President Bola Tinubu’s economic diversification agenda, which seeks to reduce Nigeria’s dependence on crude oil by developing its vast solid mineral resources.
According to him, Nigeria possesses critical minerals required for the global transition to clean energy but must move beyond exporting raw materials to building domestic processing capacity and industrial value chains.
“We have the resources, the critical elements the world needs to transit to clean energy. So we are creating a new paradigm — you bring your capital, expertise and technology, to match with our natural resources and create a win-win situation. The investor gains, Nigeria gains,” he said.
The minister explained that the government had made local processing a major requirement for mining investors, noting that mineral titles would not be granted without a clear plan for processing resources within Nigeria.
He said the policy was already encouraging investments in processing facilities, citing the recently commissioned lithium processing plant in Nasarawa State, described as the largest in West Africa.
Alake also linked the renewed investor interest to the macroeconomic reforms of the Tinubu administration, which he said were strengthening confidence in investment security and the repatriation of profits.
He charged the newly inaugurated committee to identify investment opportunities, coordinate implementation and ensure measurable outcomes capable of positioning Nigeria competitively in the global solid minerals industry.
The minister added that the committee’s work was critical to achieving the President’s $1 trillion economy target.
In his welcome address, the Permanent Secretary of the ministry, Engr. Faruk Yusuf Yabo, said the committee would translate growing diplomatic engagements between Nigeria and the United States into practical cooperation and investment mobilisation.
Also speaking, the Economic Officer at the US Embassy, Jonathan Baas, said President Donald Trump had prioritised energy, artificial intelligence and critical minerals as key areas of engagement for American diplomatic missions.
Baas said Washington was interested in working with international partners to secure critical mineral supply chains while ensuring that participating countries benefited from the economic opportunities.
He disclosed that a contract had been signed on Tuesday to explore the development of artificial intelligence data centres in Nigeria, following discussions at the Nigerian Economic Summit.
In his vote of thanks, the Chief Executive Officer and Managing Director of the Nigeria Solid Minerals Company (NSMC) said the committee would coordinate implementation, facilitate investments and monitor progress towards the objectives of the bilateral framework.
The initiative is expected to strengthen Nigeria’s solid minerals industry, promote industrial development, create jobs and advance the Federal Government’s economic diversification drive under the Renewed Hope Agenda.
Minister says partnership targets investment, technology transfer, local processing and jobs
By | Goodluck E. Adubazi, Abuja
The Minister of Solid Minerals Development, Dr. Dele Alake, has dismissed reports that Nigeria sold $700 billion worth of solid minerals to the United States, insisting that no Nigerian mineral asset has been sold or transferred to the American government.
Alake made the clarification on Tuesday in Abuja while inaugurating the Nigeria–United States Committee on Strategic Cooperation in the Solid Minerals Sector, describing the bilateral agreement as a platform for attracting investment and facilitating partnerships between American investors and Nigerian mining operators.
He said the Memorandum of Understanding (MoU) signed by both countries was designed to promote government-to-government cooperation and business-to-business engagements, stressing that it did not involve the sale of Nigeria’s mineral resources or national assets.
“There is no sale of any Nigerian asset. There’s nothing exchanging hands,” the minister declared.
He described reports suggesting that the United States intended to take over Nigeria’s mineral resources and security architecture as misleading, insisting that the agreement was established to promote mutually beneficial economic cooperation.
The framework followed strategic engagements between both countries during the 81st United Nations General Assembly in New York.
Alake said the partnership aligned with President Bola Tinubu’s economic diversification agenda, which seeks to reduce Nigeria’s dependence on crude oil by developing its vast solid mineral resources.
According to him, Nigeria possesses critical minerals required for the global transition to clean energy but must move beyond exporting raw materials to building domestic processing capacity and industrial value chains.
“We have the resources, the critical elements the world needs to transit to clean energy. So we are creating a new paradigm — you bring your capital, expertise and technology, to match with our natural resources and create a win-win situation. The investor gains, Nigeria gains,” he said.
The minister explained that the government had made local processing a major requirement for mining investors, noting that mineral titles would not be granted without a clear plan for processing resources within Nigeria.
He said the policy was already encouraging investments in processing facilities, citing the recently commissioned lithium processing plant in Nasarawa State, described as the largest in West Africa.
Alake also linked the renewed investor interest to the macroeconomic reforms of the Tinubu administration, which he said were strengthening confidence in investment security and the repatriation of profits.
He charged the newly inaugurated committee to identify investment opportunities, coordinate implementation and ensure measurable outcomes capable of positioning Nigeria competitively in the global solid minerals industry.
The minister added that the committee’s work was critical to achieving the President’s $1 trillion economy target.
In his welcome address, the Permanent Secretary of the ministry, Engr. Faruk Yusuf Yabo, said the committee would translate growing diplomatic engagements between Nigeria and the United States into practical cooperation and investment mobilisation.
Also speaking, the Economic Officer at the US Embassy, Jonathan Baas, said President Donald Trump had prioritised energy, artificial intelligence and critical minerals as key areas of engagement for American diplomatic missions.
Baas said Washington was interested in working with international partners to secure critical mineral supply chains while ensuring that participating countries benefited from the economic opportunities.
He disclosed that a contract had been signed on Tuesday to explore the development of artificial intelligence data centres in Nigeria, following discussions at the Nigerian Economic Summit.
In his vote of thanks, the Chief Executive Officer and Managing Director of the Nigeria Solid Minerals Company (NSMC) said the committee would coordinate implementation, facilitate investments and monitor progress towards the objectives of the bilateral framework.
The initiative is expected to strengthen Nigeria’s solid minerals industry, promote industrial development, create jobs and advance the Federal Government’s economic diversification drive under the Renewed Hope Agenda.
