Tinubu hails US-Nigeria agreement to unlock $700bn mineral wealth

Economy & Policy, Politics

ABUJA, Nigeria (NPA) — President Bola Ahmed Tinubu has welcomed an agreement signed in New York by Minister of Solid Minerals Development, Dele Alake, and US Deputy Secretary of State Christopher Landau to deepen American investment in Nigeria’s mining sector.

Tinubu said the agreement would help unlock the potential of Nigeria’s mineral resources, estimated at about $700 billion, describing it as one of the gains of his administration’s Renewed Hope agenda.

In a statement issued on Sept. 24, Tinubu said Nigeria remained open to partnerships that deliver meaningful benefits at home and create opportunities for Nigerians.

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“I welcome the agreement signed in New York by the Minister of Solid Minerals Development, Dele Alake, and US Deputy Secretary of State Christopher Landau to deepen American investment in Nigeria’s mining sector and help unlock the potential of our mineral resources, estimated at about $700 billion,” he said.

The President said his administration had deliberately moved away from simply extracting and exporting raw minerals by tying new mining licences to local value addition and attracting investment into processing and refining within Nigeria.

“That policy is already producing results. New processing plants are being established, billions of dollars in investment commitments have entered the sector, and investor interest in Nigeria’s critical minerals continues to grow,” Tinubu said.

He said the administration’s ambition was to deepen progress across the mining value chain, from exploration and extraction to processing, refining and manufacturing.

“At every stage, Nigerians must benefit. Our geologists, engineers and technicians must find work. Our young people must acquire new skills. Local contractors, transporters and suppliers must have opportunities to build businesses,” he said.

Tinubu said processing minerals closer to where they were extracted should stimulate industrial activity, infrastructure development and improved livelihoods in mining communities.

He added that Nigeria also intended to increase the processing and manufacturing of minerals domestically and export higher-value products rather than predominantly raw materials.

“The agreement with the United States builds on the progress we have already made. We welcome partners who bring capital, technology and expertise and are prepared to create value with us here in Nigeria,” he said.

The President said the country’s mineral wealth must translate into jobs, stronger Nigerian businesses and greater prosperity for communities where the resources are found.

“This is how we turn the reforms we have made into opportunities for every Nigerian,” Tinubu said.