The Minister of Solid Minerals Development, Dr. Oladele Alake, and United States Assistant Secretary for Energy and Natural Resources, Geoffrey Pratt, have reached an agreement to establish a team of officials from both countries to explore financing for credit to mining firms and infrastructures. The announcement was made during a meeting held on the sidelines of the Mines & Money conference in London.
During the meeting, Pratt revealed that his visit to Dr. Alake followed an earlier meeting with President Bola Ahmed Tinubu, who sought the support of the US for the economic revival of Nigeria. Pratt stated that the US aims to become Nigeria’s preferred partner in developing the solid minerals sector and expressed interest in the reforms outlined by Dr. Alake in his address at the conference’s plenary session.
Pratt also mentioned that the United States possesses various institutions and laws that promote direct foreign investment. He assured that he would instruct the relevant agencies to collaborate with their Nigerian counterparts in order to establish a framework for the collaboration.
In response, Dr. Alake expressed his gratitude, stating that the gesture was music to his ears. He emphasized that the Ministry of Solid Minerals Development had launched a seven-point agenda as a roadmap to reposition the sector. He highlighted the establishment of the new Solid Minerals Development Company and a new security architecture to ensure the safety of mine operations. Dr. Alake also emphasized the importance of data generation on a massive scale to derisk the sector.
Dr. Alake further highlighted that the credit facility and foreign direct investment promised by the United States would be mutually beneficial for both countries. He explained that energy minerals, such as lithium, are essential for clean energy initiatives and the manufacturing of electric cars. This collaboration would contribute to the global crusade for clean energy and support Nigeria’s economic growth.
Joining the discussion, the executive secretary of the Nigerian Solid Minerals Fund, Hajiya Fatima Shinkafi, commended the United States for its investment in mining infrastructures in Central Africa. She urged a similar partnership with the Fund and emphasized the potential for economic growth and job creation through such collaborations.
This collaboration between Nigeria and the United States marks an important step in the development of Nigeria’s solid minerals sector. It is expected to attract much-needed investments and enhance the country’s ability to meet its economic objectives. The team of officials from both countries will work diligently to explore the financing options available to mining firms and infrastructures.
