The Minister of Solid Minerals Development, Dele Alake, has dismissed reports that Nigeria sold mineral assets worth $700 billion to the United States, insisting that no Nigerian national asset has been sold or transferred under the bilateral agreement between both countries.
Alake made the clarification in Abuja during the inauguration of the Nigeria-United States Committee on Strategic Cooperation in the Solid Minerals Sector.
“There is no sale of any Nigerian asset. There’s nothing exchanging hands,” the minister declared.
He explained that the agreement was a government-to-government framework designed to connect American investors with Nigerian mining businesses and operators. According to him, its purpose is to encourage investment and business partnerships rather than transfer ownership of Nigeria’s natural resources to foreign interests.
The minister said the partnership would attract foreign capital, promote technology transfer, strengthen local mineral processing and create employment opportunities.
The agreement followed a strategic cooperation framework signed by Nigeria and the United States in New York in September, on the sidelines of the 81st United Nations General Assembly.
Clarification on the $700 Billion Figure
Alake explained that the widely reported $700 billion figure represents the estimated value of Nigeria’s mineral resources and not the value of minerals sold to the United States.
He said the partnership was intended to ensure that Nigeria benefits more from its natural resources instead of continuing to export raw materials without adequate local processing.
According to the minister, Nigeria possesses critical minerals required for industries involved in the global transition to clean energy. He said the government was seeking partnerships that would combine the country’s resources with foreign investment, expertise and technology for mutual economic benefits.
Alake also dismissed claims that the United States was seeking to take over Nigeria’s mineral resources and security architecture.
Government Pushes Local Mineral Processing
The minister disclosed that the Federal Government had made local processing a major requirement for investors seeking mineral titles.
He explained that investors must demonstrate a clear plan for processing minerals within Nigeria rather than simply extracting and exporting raw materials.
Alake said the policy had encouraged the establishment of processing facilities, including a lithium processing plant in Nasarawa State, which the government has described as one of the largest in West Africa.
He added that developing the solid minerals sector was part of President Bola Tinubu’s economic diversification strategy to reduce Nigeria’s dependence on crude oil.
The minister attributed improved investor confidence to government reforms, which he said provided assurances on security of tenure and the repatriation of profits.
US Identifies Areas of Cooperation
Speaking at the inauguration, Jonathan Baas, an Economic Officer at the US Embassy in Nigeria, identified energy, artificial intelligence and critical minerals as priority areas for the United States’ international economic engagements.
He said Washington was interested in strengthening critical mineral supply chains while ensuring that partner countries also benefited from the economic opportunities created.
Baas also disclosed that a contract had been signed to explore the development of artificial intelligence data centres in Nigeria.
Meanwhile, the Permanent Secretary of the Ministry of Solid Minerals Development, Faruk Yusuf Yabo, said the newly inaugurated committee would provide a structured platform for translating bilateral discussions into practical cooperation and investment.
The Managing Director of the Nigeria Solid Minerals Company, Martins Imonitie, said the committee would coordinate implementation, facilitate investment and monitor progress towards achieving the objectives of the partnership.
Alake charged members of the committee to identify viable investment opportunities and ensure that the agreement produced measurable results, stressing its importance to the Federal Government’s ambition of building a $1 trillion economy.
