The Minister of Solid Minerals Development, Dele Alake, has rejected claims that Nigeria sold $700 billion worth of minerals to the United States, insisting the agreement between both countries involves no transfer of assets.
Alake spoke on Thursday in Abuja after inaugurating the Nigeria-United States Committee on Strategic Cooperation in the Solid Minerals Sector.
“There is no sale of any Nigerian asset. There’s nothing exchanging hands,” he said.
According to him, the deal is meant to connect American investors with local mining operators and promote collaboration in the sector.
“We created a platform to facilitate mingling of US investment ventures with Nigeria’s local operators. It is in the public domain. We signed it in public and published it in four or five national newspapers,” he said.
The minister also dismissed suggestions that Washington would take control of Nigeria’s mineral resources or security operations. He said the partnership would attract investment, support technology transfer, boost local mineral processing and create jobs.
Alake and US Deputy Secretary of State Christopher Landau signed the agreement on September 23 on the sidelines of the 81st United Nations General Assembly in New York.
The $700 billion figure, he clarified, is the government’s estimated value of Nigeria’s mineral resources. It does not represent assets sold or funds pledged by the US.
Alake said the Federal Government is working to reduce the country’s reliance on crude oil by growing the mining sector. He noted that Nigeria exported raw minerals for years without processing them locally, which limited the economic gains.
Investors seeking mineral titles are now required to show plans to process minerals within the country, he said. He pointed to a lithium processing plant recently commissioned in Nasarawa State by Vice-President Kashim Shettima as evidence that the policy is working.
He urged members of the committee to identify investment opportunities and ensure the agreement delivers results, adding that the partnership supports President Bola Tinubu’s goal of a $1 trillion economy.
Permanent Secretary of the Ministry of Solid Minerals Development, Faruk Yabo, said the committee would provide a framework for implementing the agreement and drawing in investment.
An economic officer at the US Embassy in Nigeria, Jonathan Baas, said Washington is prioritising energy, artificial intelligence and minerals in its economic partnerships. He said the US wants to strengthen mineral supply chains while allowing resource-producing countries to benefit from processing and other business opportunities.
The Managing Director of the Nigeria Solid Minerals Company, Martins Imonitie, said the committee would coordinate implementation, support investment and track progress under the agreement.
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