The Minister of Solid Minerals Development, Dele Alake, has dismissed reports claiming that Nigeria sold its mineral resources valued at $700 billion to the United States, insisting that no Nigerian assets were sold or transferred under the agreement between both countries.
Alake made the clarification during the inauguration of the Nigeria-United States Committee on Strategic Cooperation in the Solid Minerals Sector in Abuja.
He explained that the agreement was designed to attract American investments into Nigeria’s mining industry by connecting US investors with local mining companies.
“There is no sale of any Nigerian asset. There’s nothing exchanging hands,” the minister stated.
According to him, the partnership is intended to create opportunities for investment and cooperation between Nigerian mining operators and American businesses.
He added that the agreement was signed publicly and its details were published in several national newspapers to ensure transparency.
Alake also dismissed suggestions that the United States would take control of Nigeria’s mineral resources or security operations, describing such claims as misleading.
He explained that the partnership would encourage investment, promote technology transfer, improve mineral processing and create employment opportunities for Nigerians.
The agreement was signed on September 23 by Alake and the US Deputy Secretary of State, Christopher Landau, on the sidelines of the 81st United Nations General Assembly in New York.
The minister clarified that the $700 billion figure represents the Federal Government’s estimated value of Nigeria’s solid mineral resources. It does not represent the value of minerals sold to the United States or money committed by the American government.
Alake said the Federal Government was determined to reduce the country’s dependence on crude oil by developing the solid minerals sector.
He noted that Nigeria had traditionally exported minerals without processing them locally, thereby losing significant economic opportunities that could have generated revenue and employment.
To address the situation, he explained that the government now requires investors applying for mining titles to demonstrate their commitment to processing minerals within Nigeria.
According to him, the policy has encouraged investments in local processing facilities, including a lithium processing plant recently commissioned in Nasarawa State by Vice-President Kashim Shettima.
The minister urged members of the newly inaugurated committee to identify viable investment opportunities and ensure that the agreement delivers meaningful benefits to Nigeria.
He said the partnership was part of the Federal Government’s broader economic strategy to support President Bola Tinubu’s ambition of building a $1 trillion economy.
Speaking at the inauguration, the Permanent Secretary of the Ministry of Solid Minerals Development, Faruk Yabo, said the committee would provide the necessary framework for implementing the agreement and attracting investments into the mining industry.
Similarly, an Economic Officer at the US Embassy in Nigeria, Jonathan Baas, said the United States was focusing on strengthening economic partnerships in key areas, including energy, artificial intelligence and mineral resources.
Baas explained that Washington was interested in developing reliable mineral supply chains while ensuring that countries supplying the resources also benefit from local processing and other business opportunities.
The Managing Director of the Nigeria Solid Minerals Company, Martins Imonitie, also said the committee would coordinate the implementation of the agreement, facilitate investments and monitor progress to ensure that its objectives were achieved.
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