Nigeria and US sign solid minerals investment pact

Nigeria and the United States have signed a memorandum of understanding aimed at drawing more investment into the country’s solid minerals sector.

The agreement was signed at the Nigerian Mission House in New York on the sidelines of the 81st United Nations General Assembly. Nigeria’s Minister of Solid Minerals Development, Dele Alake, signed for Nigeria, while United States Deputy Secretary of State Christopher Landau signed for the US.

The pact covers cooperation on geological data, exploration, mineral development and processing, infrastructure and technical capacity. Alake said Nigeria wanted stronger local processing, new skills and jobs rather than remaining mainly a supplier of raw materials.

The report said the framework also focuses on secure and responsible critical-minerals supply chains. The Nigerian government is presenting the agreement as part of its wider plan to diversify the economy and expand industrial growth through mining.

Landau said the US saw Nigeria as a regional power and wanted to keep building economic ties between both countries.

Source: Channels Television