President Bola Ahmed Tinubu has welcomed an agreement between Nigeria and the United States aimed at deepening American investment in Nigeria’s mining sector and unlocking the country’s mineral resources. Tinubu stated this in a post on X while reacting to the agreement signed in New York by the Minister of……
President Bola Ahmed Tinubu has welcomed an agreement between Nigeria and the United States aimed at deepening American investment in Nigeria’s mining sector and unlocking the country’s mineral resources.
Tinubu stated this in a post on X while reacting to the agreement signed in New York by the Minister of Solid Minerals Development, Dele Alake, and US Deputy Secretary of State Christopher Landau.
The President said Nigeria remained open to partnerships capable of delivering economic benefits and creating opportunities for Nigerians under his Renewed Hope administration.
“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.
Tinubu said his administration had deliberately moved away from an economic model focused on the extraction and export of raw minerals by tying new mining licences to local value addition.
He added that the government had also worked to attract investments into mineral 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,” the President said.
Tinubu said the government’s next objective was to deepen development across the mining value chain, from exploration and extraction to processing, refining and manufacturing.
Read Also: Former Peter Obi Campaign Coordinator Ebiseni Backs Tinubu
He stressed that Nigerians should benefit at every stage through employment, skills development and business opportunities.
“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.
The President added that processing minerals closer to mining communities should stimulate industrial activity, infrastructure development and improved livelihoods.
He said Nigeria was also seeking to change the nature of its mineral exports by processing and manufacturing more products locally before exporting them.
“We want to process more here, manufacture more here and export higher-value products,” Tinubu said.
According to him, the agreement with the United States builds on reforms already undertaken in the mining sector and reflects Nigeria’s willingness to work with partners that can provide capital, technology and expertise.
“Our mineral wealth must create Nigerian jobs, grow Nigerian businesses and bring greater prosperity to the communities where these resources are found,” he said.
Tinubu said the objective was to translate the government’s reforms into economic opportunities for Nigerians and ensure that the country derived greater value from its mineral resources.
The President has previously emphasised local value addition in Nigeria’s mining sector, including efforts to ensure that the country does not remain merely a source of raw materials for global markets.
As proceedings continue at the United Nations General Assembly in New York, Vice President Kashim Shettima is scheduled to deliver Nigeria’s national statement to world leaders today, Thursday, September 24. Shettima is representing President Bola Ahmed Tinubu and leading Nigeria’s delegation at the 81st UN General Assembly.
The 81st General Debate is being held from September 22 to 26 and will continue on September 28, with world leaders addressing global challenges under the theme, “Restoring trust, managing transformation: A United Nations that delivers for all.”
