By Martha Agas

The Minister of Solid Minerals Development, Dr Dele Alake, has inaugurated the Nigeria-U.S. Committee on Strategic Cooperation in the Solid Minerals Sector.

The inauguration of the committee followed the strategic cooperation framework established between Nigeria and the U.S. at the 81st United Nations General Assembly in New York.

This is  contained  in a statement  issued  by Mrs Kania Andeyaba,   the Head, Press and Public  Relations of the solid minerals to newsmen on Wednesday in Abuja.

Alake dismissed reports that Nigeria sold 700 billion dollars worth of mineral assets to the United States, explaining that the cooperation framework was designed to facilitate investment and technology transfer, not the transfer or sale of Nigeria’s mineral assets.

He said the Memorandum of Understanding (MoU) signed by both countries provided a government-to-government platform to facilitate business-to-business engagements between American investors and Nigerian mining operators.

According to him, the Nigeria/U.S. partnership is a strategic initiative to attract investment, promote technology transfer, strengthen local mineral processing and create employment opportunities.

He said the partnership was aimed at repositioning the solid minerals sector to support President Bola Tinubu’s commitment to the economic diversification agenda and reducing the country’s dependence on oil.

“The administration of President Tinubu is committed to reducing dependence on a mono-product economy through the sustainable development of Nigeria’s vast mineral resources,” he said.

Nigeria, he said, possesses critical minerals needed for the energy transition, making it important to establish partnerships that combine the country’s natural resources with foreign capital, expertise and technology.

“So we are creating a new paradigm, you bring your capital, expertise and technology, to match with our natural resources and create a win-win situation. The investor gains, Nigeria gains,” he said.

The minister said Nigeria had historically depended on oil, while solid minerals were largely extracted and exported without adequate local processing or value addition.

To that end, he said the Federal Government had made local processing a requirement for mineral development and  investors were expected  to show a clear plan to process minerals in the country before they were granted mineral licences.

According to him, the policy has encouraged the establishment of processing factories including the recently inaugurated largest lithium processing plant in West Africa located in Nasarawa and the establishment of the African Minerals Strategy Group.

He attributed renewed investor confidence to the macroeconomic reforms introduced by President Tinubu’s administration, saying it provided assurances on security of tenure and repatriation of profits.

He urged the committee to discharge its assignment responsibly, saying its work was strategic to achieving the President’s one trillion dollars economy.

Alake charged the committee to ensure effective coordination, identify investment opportunities and translate the framework into measurable outcomes capable of positioning Nigeria as a competitive player in the global solid minerals industry.

In his remarks, Mr Jonathan Baas, the Economic Officer at the U.S. Embassy,  said President Donald Trump had prioritised energy, artificial intelligence and critical minerals as key areas of engagement for American embassies.

Baas said the US was seeking partnerships that would secure critical mineral supply chains while enabling partner countries to benefit from the value generated.

The inauguration underscored the Federal Government’s efforts to reposition the solid minerals sector as a driver of economic diversification, industrial development and national prosperity.

The News Agency of Nigeria (NAN) reports that the agreement is expected to use the Nigeria and U.S. government relationship as a foundation to boost Nigeria’s value-addition-driven value chain.

The Chairman  of the committee is Mr Martins Imonitie, Managing Director of the Nigeria Solid Minerals Corporation and Secretary, Dr Esther Udo – Director, Investment Promotion and Mineral Trade (IPMT) Department.(NAN)

MAA/ YMU

Edited by Yakubu Uba