The Minister of Solid Minerals Development, Dr. Dele Alake, has emphasized the longstanding alliance and strategic partnership between Nigeria and the United States (US), particularly in the development of the nation’s mining sector.
During a meeting with the Charge d’Affairs of the US Embassy, David Greene, Alake commended the US commitment to fostering cooperation with Nigeria across various sectors of the economy.
Expressing gratitude for the US visit, Alake highlighted the crucial role of diversifying Nigeria’s economy from oil, aligning with global trends for reduced global warming, and positioning the mining sector on the global map. He emphasized the presence of critical minerals in Nigeria that are in commercial demand globally.
The Minister welcomed a partnership with the US in investments within the mining value chain, enhancing access to technology for extracting and processing minerals, and ensuring the security of mining areas.
Alake highlighted key reforms undertaken by the Federal Government, including revised Community Development Agreement (CDA) guidelines to reduce friction in host communities, plans for a new security architecture to safeguard natural resources, efforts to generate significant geo-data, and the formalization of artisanal miners into cooperatives.
The Minister stressed that the mining sector provides an excellent opportunity for increased trade between Nigeria and the United States, especially in value addition and processing extracted minerals. He emphasized incentives for investments, such as tax waivers for mining equipment and the policy of full repatriation of profits to home countries.
In response, the US Ambassador commended Nigeria’s renewed interest in solid minerals, acknowledging the sector’s substantial potential to rival the contribution of oil to the nation’s economy.
He expressed interest in collaborating with Nigeria to invest in mineral extraction and processing, as well as providing training and knowledge transfer to enhance security in mining environments.
The US diplomat assured the Minister of the exploration of investment opportunities in Nigeria’s mining value chain, highlighting the global energy transition from fossil fuels to critical metals and the importance of strategic collaboration between both countries in areas of comparative advantage.
Independent
