The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, has said Nigeria has deposits of about 26 of the 60 critical minerals that the United States is seeking to secure globally.
Oduwole made this known during an interview on Arise Television’s Morning Show on Tuesday, while discussing the recently signed critical minerals framework between Nigeria and the United States.
She explained that the agreement is a Memorandum of Understanding (MOU) and does not create legally binding obligations for either country at this stage.
According to the minister, Nigeria is seeking to use the partnership to develop a complete value-addition chain for its mineral resources rather than continue exporting them in their raw form.
She said the United States is interested in strengthening its critical minerals supply chain, while Nigeria wants to secure infrastructure, energy and other support needed to process its resources domestically.
Oduwole cited lithium processing and battery manufacturing as examples of areas Nigeria could develop as part of efforts to increase the value generated from its mineral resources.
The minister also assured Nigerians that the government was not surrendering the country’s mineral resources through the agreement.
She explained that government-to-government negotiations were aimed at ensuring that any future arrangements protect Nigeria’s interests and provide opportunities for local businesses to benefit from the country’s mineral wealth.
Oduwole noted that Nigeria had been slow to take advantage of the growing global demand for critical minerals and rare earth elements, while countries such as South Africa, Zambia, the Democratic Republic of Congo and Sierra Leone had been active in the sector for years.
She further said the development of formal mining operations could create employment opportunities for young people in communities affected by insecurity and provide sustainable sources of income that could help reduce social unrest.
