The Federal Government and the United States have signed an agreement aimed at deepening American investment in Nigeria’s mining sector and promoting the development of the country’s mineral resources.

The agreement was signed by the Minister of Solid Minerals Development, Dele Alake, and the US Deputy Secretary of State, Christopher Landau, at the Nigeria Mission House in New York on Wednesday, on the sidelines of the 81st United Nations General Assembly.

Alake disclosed the development in a post on X on Thursday, saying the framework would cover geological data and exploration, mineral development and processing, infrastructure, and technical capacity.

According to Alake, Nigeria’s mineral resources are estimated by the government to be worth about $700 billion.

“This is an important step in strengthening Nigeria-US cooperation around our mineral resources, valued at about $700 billion,” Alake said.

He said the government wanted to move beyond exporting raw materials by promoting local processing, job creation and skills development.

“Nigeria cannot remain a source of raw materials while others capture most of the value. We want more local processing, quality jobs, stronger skills and greater opportunities for Nigerian businesses,” he said.

Alake added that the government would work towards converting the framework into specific projects and investments.

“In the coming months, we will turn this framework into projects, investments and real results for our people. We will identify viable projects and build partnerships that create value for Nigerians and our US partners,” he said.

The agreement comes as the Federal Government intensifies efforts to attract foreign investment into Nigeria’s solid minerals sector and increase local value addition.