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 agreement was signed on Wednesday at the Nigeria Mission House in New York by the Minister of Solid Minerals Development, Dele Alake, and US Deputy Secretary of State Christopher Landau.

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

According to the Minister, Nigeria’s mineral resources are estimated by the government at about $700bn.

“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. Alake said.

The Minister affirmed that Nigeria must move away from exporting raw minerals and focus on processing them locally to retain more value within the country.

“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,” he said.

Alake said the Federal Government would work with American partners in the coming months to translate the framework into specific projects and investments.

He said both countries would identify viable projects and develop partnerships capable of creating economic value for Nigerians and US investors.

The Minister described the agreement as part of efforts to harness Nigeria’s mineral wealth for long-term economic growth and support the diversification objectives of President Bola Ahmed Tinubu’s Renewed Hope Agenda.