Nigeria and US agree to increase investment in mineral extraction — Deutsche Welle

Nigeria and the United States signed an agreement in New York to deepen American investment in the West African country’s mining sector. The document was concluded on the sidelines of the UN General Assembly, Deutsche Welle reports, citing a statement by Nigeria’s Minister of Solid Minerals Development Dele Alake.

Areas of cooperation

According to Alake, the new framework agreement covers geological data and exploration, mineral development and processing, infrastructure, and technical capacity development. The minister estimated the value of Nigeria’s mineral resources at approximately $700 billion.

The agreement was signed on Wednesday. It is to be used to identify viable projects in the sector. Alake also stated that processing minerals within the country could create jobs.

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Focus on processing in Nigeria

Nigeria is known for its significant oil reserves, but it also has deposits of lithium, gold, tin, gemstones, iron ore, and phosphates. Lithium is in high global demand because it is an important component of batteries for the transition to green energy.

Dele Alake stressed that Nigeria seeks to develop local raw material processing, improve workers’ qualifications, and expand opportunities for Nigerian businesses. The country currently largely exports minerals as ore for processing abroad. At the same time, Nigeria’s mining sector faces security and environmental problems.