Nigeria and the United States have taken steps to strengthen cooperation in the solid minerals sector with the signing of a new framework aimed at attracting investment into Nigeria’s estimated $700 billion mineral resources.
Lagos State Governor, Babajide Sanwo-Olu, disclosed this after witnessing the signing ceremony at Nigeria’s Mission House in New York on Wednesday.
The framework was signed by Nigeria’s Minister of Solid Minerals Development, Dele Alake, and the United States Deputy Secretary of State, Christopher Landau.
According to Sanwo-Olu, the agreement is designed to deepen investment in Nigeria’s mineral sector while supporting efforts to develop a stronger domestic value chain.
The governor said the focus should extend beyond the export of raw mineral resources to developing local capacity for exploration, processing and value addition.
He noted that improved infrastructure and technical expertise would also be essential to unlocking the potential of Nigeria’s mineral resources and ensuring that the sector contributes more significantly to economic development.
Sanwo-Olu said the initiative represented an opportunity to transform Nigeria’s vast mineral wealth into sustainable economic growth, while reducing dependence on the export of unprocessed raw materials.
He also linked the development to the Federal Government’s Renewed Hope Agenda, particularly its objective of diversifying the Nigerian economy and creating new avenues for investment and job opportunities.
The governor expressed optimism about the potential impact of increased investment and international cooperation in the solid minerals sector.
He said it was encouraging to witness the agreement firsthand and stressed the need for continued efforts to ensure that emerging economic opportunities translate into tangible benefits for Nigerians.
Sanwo-Olu added that the benefits of a stronger mineral sector should extend beyond individual regions, creating opportunities for people in Lagos and across the country.
The new framework underscores the growing focus on strengthening Nigeria’s solid minerals industry through investment, local processing, infrastructure development and technical capacity, as the country seeks to unlock greater economic value from its natural resources.
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