Nigeria and the United States have signed a framework agreement aimed at attracting greater American investment into Nigeria’s mining sector and accelerating the development of the country’s estimated $700 billion mineral resources.

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

Alake, who announced the agreement in a post on X on Thursday, said the framework would focus on geological data and exploration, mineral development and processing, infrastructure, and technical capacity.

He said Nigeria must move beyond being a source of raw materials while other countries capture much of the value from its mineral resources.

According to the minister, the Federal Government is seeking greater local processing, quality jobs, stronger technical skills and increased opportunities for Nigerian businesses through the partnership.

Alake said the government would, in the coming months, identify viable projects and convert the framework into concrete investments and partnerships capable of delivering value to Nigeria and its American partners.

The agreement is part of the Federal Government’s broader efforts to attract foreign investment into the solid minerals sector, improve local value addition and position mining as a stronger contributor to Nigeria’s economic development.