Nigeria officially opens its $700 billion mining industry to US investors as Washington expands Africa mineral push Nigeria and the United States signed a major agreement to boost American investment in Nigeria’s $700 billion mining sector. The framework includes cooperation on geological data, exploration, mineral development, infrastructure, and skills training. This move comes amid strategic competition between the US and China for Africa’s critical mineral resources, especially for technologies like electric vehicles. Nigeria aims to shift from exporting raw minerals to developing local processing, creating jobs and economic opportunities domestically. ADVERTISEMENT The agreement, signed in New York on the sidelines of the 81st United Nations General Assembly, covers geological data and exploration, mineral development and processing, infrastructure, and technical capacity building.
Reuters reported that Nigeria estimates its mineral resources at about $700 billion.
Nigeria’s Minister of Solid Minerals Development, Dele Alake, and US Deputy Secretary of State Christopher Landau signed and exchanged the framework on Wednesday.
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