The Federal Government and the United States have signed an agreement to deepen American investment in Nigeria’s mining sector and promote greater development of the country’s mineral resources.

The Minister of Solid Minerals Development, Dele Alake, and the US Deputy Secretary of State, Christopher Landau, signed the agreement on Wednesday at the Nigeria Mission House in New York. The signing took place on the sidelines of the 81st United Nations General Assembly.

Alake announced the development in a post on X on Thursday. He said the framework would cover geological data and exploration, mineral development and processing, infrastructure and technical capacity.

According to Alake, the government estimates Nigeria’s mineral resources at about $700bn.

Alake said, “This is an important step in strengthening Nigeria-US cooperation around our mineral resources, valued at about $700 billion. The framework covers geological data and exploration, mineral development and processing, infrastructure, and technical capacity.

“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.

“In the coming months, we will turn this framework into projects, investments and real results for our people. We will identify viable projects and build partnerships that create value for Nigerians and our US partners.”

The agreement comes as the Federal Government steps up efforts to attract foreign investment into the solid minerals sector and increase local value addition.