Nigeria, US Sign Landmark $700bn Mining Framework Agreement in New York
New York / Abuja—September 24, 2026—Nigeria and the United States have signed a major framework agreement aimed at deepening American investment in the country’s solid minerals sector and unlocking the potential of mineral resources officially valued at about $700 billion.
The agreement was signed on Wednesday at the Nigeria Mission House in New York by Minister of Solid Minerals Development Dele Alake and US Deputy Secretary of State Christopher Landau, on the sidelines of the 81st United Nations General Assembly.
Alake publicly announced the development on Thursday via his official X account, accompanied by photographs of the signing ceremony.
Focus on Value Addition, Not Just Extraction
Alake described the pact as “an important step in strengthening Nigeria-US cooperation around our mineral resources.”
The framework covers four key areas: geological data and exploration, mineral development and processing, infrastructure, and technical capacity building.
He stressed that Nigeria is determined to move beyond its traditional role as a supplier of unprocessed raw materials.
“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,” the minister said.
In the coming months, he added, the government plans to convert the framework into concrete projects, investments and measurable results for Nigerians while building mutually beneficial partnerships with US companies.
The deal aligns with President Bola Tinubu’s Renewed Hope Agenda, which prioritises economic diversification away from oil dependence and the development of a more industrialized solid minerals sector.
US Interest in Critical Minerals
For Washington, the agreement forms part of a broader strategy to secure resilient and diversified supply chains for critical minerals used in electric vehicle batteries, renewable energy technologies, and other advanced industries.
US Deputy Secretary Landau described Nigeria as a strategic partner and regional power, noting the growing cooperation between the two countries.
Nigeria’s mining sector remains largely underdeveloped despite its vast potential, including emerging lithium resources. Chinese companies have been among the most active foreign players in recent years.
The new framework is expected to open structured pathways for American capital, technology transfer, and business-to-business partnerships while reinforcing Nigeria’s policy emphasis on domestic processing and local content.
Next Steps and Expectations
Officials present at the ceremony included Lagos State Governor Babajide Sanwo-Olu and senior figures from Nigeria’s solid minerals institutions.
Both sides have indicated that the real test will be implementation—identifying viable projects and turning the signed documents into jobs, skills, and industrial growth.
As the agreement moves from framework to action in the months ahead, attention will focus on how effectively it delivers local value addition, attracts responsible investment, and supports Nigeria’s long-term economic diversification goals.
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