The Minister of Solid Minerals Development, Dele Alake, has dismissed reports that Nigeria sold $700 billion worth of solid mineral assets to the United States, insisting that the bilateral agreement between both countries does not involve the transfer of ownership of Nigeria’s mineral resources.
Alake made the clarification in Abuja during the inauguration of the Nigeria-United States Committee on Strategic Cooperation in the Solid Minerals Sector.
The committee was established following the strategic cooperation framework agreed upon by both countries during the 81st United Nations General Assembly in New York.
“There is no sale of any Nigerian asset. There’s nothing exchanging hands,” the minister said, describing reports that the United States intended to take over Nigeria’s mineral resources and security architecture as false.
He explained that the memorandum of understanding signed by both countries was a government-to-government framework designed to facilitate business-to-business partnerships between American investors and Nigerian mining operators.
According to him, the agreement seeks to attract foreign investment, encourage technology transfer, expand domestic mineral processing and create employment opportunities while ensuring that Nigeria retains greater economic value from its natural resources.
“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.
Alake noted that Nigeria and other African countries had historically derived limited economic benefits from exporting raw materials despite possessing minerals critical to global industries, particularly the transition to clean energy.
He said the new framework was intended to change that pattern by encouraging investors to combine their capital, expertise and technology with Nigeria’s natural resources.
“We have the resources, the critical elements the world needs to transit to clean energy. 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 added.
The minister said the Federal Government was determined to end the export of unprocessed minerals, disclosing that investors were now required to demonstrate a clear pathway for local processing before receiving mineral titles.
He cited the lithium processing plant recently commissioned in Nasarawa State by Vice President Kashim Shettima as an example of the government’s drive to promote value addition within the country.
Alake also said the administration’s economic reforms had helped restore investor confidence by providing greater assurance regarding security of tenure and the repatriation of profits.
He urged members of the newly inaugurated committee to identify investment opportunities, coordinate the implementation of the bilateral framework and establish measurable outcomes.
He described the initiative as strategically important to President Bola Tinubu’s ambition of building a $1 trillion economy.
