FG Inaugurates Nigeria-US Mining Committee, Dismisses $700bn Mineral Sale Claim

By Adedapo Adesanya

The federal government has inaugurated the Nigeria-United States Committee on Strategic Cooperation in the Solid Minerals Sector to advance bilateral cooperation and attract investment into Nigeria’s mining industry.

The Minister of Solid Minerals Development, Mr Dele Alake, inaugurated the committee in Abuja, weeks after Nigeria and the United States signed a memorandum of understanding to strengthen cooperation in the solid minerals sector.

The agreement was signed in September on the sidelines of the 81st United Nations General Assembly in New York by Mr Alake and the US Deputy Secretary of State, Mr Christopher Landau.

Mr Alake, however, dismissed reports that Nigeria had sold $700 billion worth of solid minerals to the United States, insisting that the agreement was designed to facilitate investment rather than transfer ownership of the country’s mineral assets.

He said the partnership would connect American investors with Nigerian businesses to attract capital, facilitate technology transfer, expand local processing and create jobs.

According to the minister, the Federal Government is committed to reducing the country’s dependence on oil by developing its mineral resources and strengthening domestic industrial capacity.

He added that local processing had become a key requirement for investors seeking mineral titles, stressing that Nigeria must derive greater value from its mineral resources before exporting them.

Mr Alake urged members of the committee to identify viable investment opportunities and ensure the agreement delivers measurable economic benefits, including job creation and industrial growth.

He said the initiative aligned with President Bola Tinubu’s ambition to build a $1 trillion economy and advance the economic diversification objectives of the administration’s Renewed Hope Agenda.

At the signing of the memorandum of understanding in September, Mr Alake said the agreement would support economic diversification and boost industrial development.

Mr Landau also expressed support for the partnership, describing Nigeria as Africa’s most populous country and a regional power that deserved cooperation with the United States.