The Minister of Solid Minerals Development, Dr Dele Alake, says Nigeria has not sold any of its mineral assets to the United States, describing reports of a 700-billion-dollar deal as false.
Alake stated this in Abuja while inaugurating the Nigeria–United States Committee on Strategic Cooperation in the Solid Minerals Sector.
He said the partnership was designed to connect American investors with Nigerian mining operators, stressing that no Nigerian assets had been sold or transferred to the US.
The minister said the agreement followed a strategic cooperation framework established between both countries during the 81st United Nations General Assembly in New York.
He explained that the partnership would attract investment, promote technology transfer, support local mineral processing and create jobs.
Alake said the initiative was part of President Bola Tinubu’s efforts to diversify the economy and reduce dependence on crude oil.
He noted that Nigeria had previously exported minerals with little local processing, limiting the economic benefits to the country.
The minister said the government had made local processing a condition for granting mineral titles, adding that the policy was encouraging the establishment of processing factories across the country.
He cited the lithium processing plant recently commissioned in Nasarawa State as an example of the government’s drive to develop local capacity and add value to mineral resources.
Alake said ongoing economic reforms had improved investor confidence, while urging the committee to identify opportunities and ensure the partnership produced measurable results.
He charged members to support the Federal Government’s ambition of building a one-trillion-dollar economy through investment and development of the solid minerals sector.
Earlier, the Ministry’s Permanent Secretary, Faruk Yusuf Yabo, said the committee would provide a structured framework for strengthening bilateral cooperation and attracting investment.
The Economic Officer at the US Embassy, Jonathan Baas, said critical minerals, energy and artificial intelligence were among the priority areas of the Donald Trump administration’s engagement with other countries.
Baas said the US was interested in securing critical mineral supply chains while ensuring partner countries also benefited from the arrangement. He also disclosed that a contract had been signed to explore the development of artificial intelligence data centres in Nigeria.
The inauguration is expected to strengthen Nigeria–US cooperation and support the Federal Government’s efforts to develop the solid minerals sector, promote industrial growth and diversify the economy.
