President Bola Tinubu has said Nigeria’s estimated $700 billion mineral wealth must translate into jobs, stronger local businesses and improved livelihoods as the country deepens mining cooperation with the United States.
Tinubu said his administration would not allow Nigeria to remain merely an exporter of raw minerals, stressing that investments in the sector must increasingly cover processing, refining and manufacturing within the country.
The President stated this on Thursday in a message posted on his verified X handle, @officialABAT, while welcoming an agreement signed by Nigeria and the United States to deepen American investment in the country’s mining sector.
The agreement was signed on Wednesday at the Nigeria Mission House in New York by the Minister of Solid Minerals Development, Dele Alake, and the United States Deputy Secretary of State, Christopher Landau, on the sidelines of the 81st United Nations General Assembly.
Tinubu said the agreement reflected his administration’s commitment to partnerships capable of delivering tangible benefits to Nigerians and unlocking the country’s mineral potential.
“Under our Renewed Hope administration, Nigeria remains open to partnerships that deliver meaningful benefits at home and create opportunities for our people.
“I welcome the agreement signed in New York by the Minister of Solid Minerals Development, Dele Alake, and US Deputy Secretary of State Christopher Landau to deepen American investment in Nigeria’s mining sector and help unlock the potential of our mineral resources, estimated at about $700 billion,” he said.
According to the President, his administration deliberately moved from the outset to restructure the mining industry by reducing dependence on the extraction and export of raw minerals.
He said the government had tied the issuance of new mining licences to local value addition while intensifying efforts to attract investment into domestic mineral processing and refining.
“From the beginning, we made a deliberate choice to move Nigeria away from simply extracting and exporting raw minerals. We tied new mining licences to local value addition and have worked to attract investment into processing and refining here at home,” Tinubu said.
He said the policy was already attracting new processing plants, billions of dollars in investment commitments and increased investor interest in Nigeria’s critical minerals.
Tinubu said the next phase of the administration’s programme would focus on developing the entire mining value chain, from exploration and extraction to processing, refining and manufacturing.
He stressed that Nigerians must benefit at every stage, particularly through employment, skills development and opportunities for indigenous businesses.
“At every stage, Nigerians must benefit. Our geologists, engineers and technicians must find work. Our young people must acquire new skills. Local contractors, transporters and suppliers must have opportunities to build businesses,” he said.
The President added that establishing processing facilities closer to mining sites would stimulate industrial activity, attract infrastructure investment and improve livelihoods in host communities.
He said the administration was also working to change the composition of Nigeria’s mineral exports by ensuring that more resources were processed locally before being exported.
“We are also changing what Nigeria sells to the world. We want to process more here, manufacture more here and export higher-value products,” he said.
Tinubu described the agreement with the United States as another step in the reforms undertaken by his administration, saying Nigeria would welcome partners willing to bring capital, technology and expertise while creating value locally.
“We welcome partners who bring capital, technology and expertise and are prepared to create value with us here in Nigeria,” he said.
The bilateral framework covers cooperation in geological data and exploration, mineral development and processing, infrastructure and technical capacity.
Speaking at the signing, Alake said Nigeria and the United States would move towards identifying viable projects and mobilising investments under the agreement.
Landau described Nigeria and the United States as partners, saying Washington was interested in building on the momentum in bilateral relations and supporting Nigeria’s economic growth.
Tinubu maintained that the ultimate measure of the mining reforms would be their impact on Nigerians and communities hosting mineral resources.
“Our mineral wealth must create Nigerian jobs, grow Nigerian businesses and bring greater prosperity to the communities where these resources are found.
“This is how we turn the reforms we have made into opportunities for every Nigerian,” the President said.
