Nigeria, US sign agreement to boost mining investment

Nigeria and the United States have signed a framework agreement aimed at deepening US investment in the West African country's mining sector, Nigeria's solid minerals minister, Dele Alake, said on Thursday.

• The agreement, signed in New ​York on Wednesday by Alake and ​US Deputy Secretary of State Christopher Landau, ⁠covers geological data, mineral exploration, mineral development ​and processing, infrastructure, and technical capacity building
• The deal ​follows Washington's push to strengthen ties with mineral-producing countries and diversify supply chains for critical minerals used ​in technologies such as electric vehicle batteries ​and renewable energy infrastructure
• Nigeria estimates its mineral resources are ‌worth ⁠about $700 billion and is seeking to diversify the economy away from oil
• "Nigeria cannot remain a source of raw materials while others capture ​most of ​the value. ⁠We want more local processing, quality jobs, stronger skills and greater ​opportunities for Nigerian businesses," Alake said ​in ⁠a statement
• Nigeria hopes the partnership will help attract investment into its largely underdeveloped mining industry, ⁠including ​the emerging lithium sector, ​where Chinese companies have been among the most active foreign ​investors

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