Nigeria Denies Selling Minerals to the US

The Minister of Solid Minerals Development, Dele Alake, has denied reports that Nigeria sold $700 billion worth of solid minerals to the United States. He stressed that the agreement between Nigeria and the US does not involve selling or transferring Nigeria's mineral assets.

Mr Alake made this statement at the launch of the Nigeria-United States Committee on Strategic Cooperation in the Solid Minerals Sector in Abuja. He said, "There is no sale of any Nigerian asset. There’s nothing exchanging hands."

The minister explained that the deal signed by Nigeria and the US is a government-to-government framework. It aims to connect American investors with Nigerian businesses instead of transferring ownership of Nigeria's natural resources to foreign companies.

"We created a platform to facilitate mingling of US investment ventures with Nigeria’s local operators," he added. He mentioned that the partnership aims to attract investment, promote technology transfer, boost local mineral processing, and create jobs. This comes as the Federal Government wants to reduce Nigeria’s reliance on crude oil.

The committee was formed after Nigeria and the US signed a strategic cooperation framework in New York in September, during the 81st United Nations General Assembly. The agreement mentions that Nigeria's mineral resources are worth about $700 billion, but this does not mean minerals were sold to the US or that there is a confirmed investment from the American government.

The framework was signed by Mr Alake and US Deputy Secretary of State Christopher Landau in New York on September 23. It focuses on cooperation in geological data, mineral development, processing, and building infrastructure and technical skills.

The agreement is meant to help American investors work with Nigerian mining companies and local operators. Mr Alake said the government wants to change a trend where resource-rich countries export raw materials while others benefit more through processing.

"We have the resources, the critical elements the world needs to transit to clean energy. So we are creating a new approach: 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 explained.

He added that the government wants Nigeria to keep more economic value from its minerals through local processing and industrial growth. Local processing has become a key requirement for investors seeking mineral titles. The government wants to discourage the extraction and export of raw minerals without adding value.

Nigeria has minerals like lithium, gold, iron ore, limestone, and tin. Still, the sector is not as developed as the oil industry, limiting its contributions to exports, industrial growth, and government income. The government sees solid minerals as a way to diversify the economy, attract foreign investment, and create jobs outside the oil sector.

Mr Alake mentioned that the policy encourages investment in mineral-processing facilities. This includes a lithium processing plant in Nasarawa State, which the government calls one of the largest in West Africa. He said the Nigeria-US partnership could match the country’s minerals with the capital, technology, and skills needed to build a stronger mining industry.

This agreement comes as countries compete globally to secure critical minerals used in electric vehicle batteries and renewable energy systems. As demand for these materials rises, countries are trying to diversify their supply chains.

Mr Alake urged the newly formed committee to find viable investment opportunities and ensure the agreement leads to real results. He said the committee’s work is important for President Bola Tinubu’s goal of building a $1 trillion economy.

The minister emphasized that the government wants to ensure that Nigeria's mineral wealth translates into real economic benefits for citizens instead of remaining underutilized.

Permanent Secretary of the Ministry, Faruk Yusuf Yabo, said the committee will offer a structured way to turn talks into practical cooperation and investment. Jonathan Baas, an economic officer at the US Embassy in Nigeria, said Washington is focusing on energy, artificial intelligence, and critical minerals in its economic relations.

He explained that the US aims to form partnerships that will strengthen critical mineral supply chains while allowing resource-producing countries to gain from the economic opportunities. The Managing Director of the Nigeria Solid Minerals Company, Martins Imonitie, stated the committee will coordinate implementation and monitor progress toward the goals of the cooperation framework.

Mr Alake concluded that the government will evaluate the partnership based on its ability to attract investment, strengthen local industries, and create jobs, not just on the estimated value of Nigeria's minerals.