The Minister of Solid Minerals Development, Dele Alake, has revealed that the US government and the federal government of Nigeria are in advance talks about financing mining companies and infrastructure in Nigeria.
He said this during a meeting with the US Assistant Secretary for Energy and Natural Resources, Geoffrey Pratt, on the sidelines of the Mines & Money conference in London.
The Minister stated that officials from both Nigeria and the United States would form a cooperative team.
This team will be tasked with investigating financing alternatives to enable credit for mining companies and necessary infrastructure.
Alake announced on his official X account that the collaboration will promote foreign direct investment in the nation and propel expansion in the mineral and energy industries.
He declared, “I had a fruitful conversation with the US Assistant Secretary for Energy and Natural Resources, Geoffrey Pratt, at the Mines & Money conference in London.
“We decided to form a group of officials from both countries to investigate funding possibilities for infrastructure and mining companies. I highlighted important projects like the creation of the Solid Minerals Development Company, improved security protocols for mining activities, and massive data collection to lower industry risks.
“I emphasized that the United States’ promised credit facility and foreign direct investment would be mutually beneficial for both countries.”
Pratt, for his part, stated that his meeting with Alake came after a previous one in which President Bola Ahmed Tinubu asked for US assistance in reviving the nation’s economy.
He expressed interest in the reforms the minister had announced during his speech to the conference’s plenary and said that the US would like to be Nigeria’s preferred partner in growing the solid minerals industry.
Although Pratt pointed out that the US had a number of laws and institutions that promoted foreign direct investment, he said he would alert the agencies to work with their Nigerian counterparts to develop the framework.
He said, “The US would coordinate with relevant agencies to collaborate with their Nigerian counterparts and develop a framework for this partnership.
“The production of electric cars and the global clean energy movement depends heavily on energy minerals like lithium.”
