By Zubairu Mohammed, Abuja
The Nigerian Minister of Solid Minerals Development, Dr. Oladele Alake, and the United States Assistant Secretary for Energy and Natural Resources, Mr. Geoffrey Pratt, have reached an agreement to establish a joint team to explore financing options for mining firms and infrastructural development, aiming to enhance mining activities in Nigeria.
Mr. Geoffrey Pratt made this announcement during his visit to Dr. Oladele Alake in Abuja. He revealed that the decision stemmed from a previous meeting with President Bola Ahmed Tinubu, where the US was approached to support Nigeria’s economic revitalization.
Expressing their interest in becoming Nigeria’s preferred partner in developing the solid minerals sector, Mr. Pratt highlighted the US’s support for the reforms outlined by Dr. Alake during a plenary conference address. He emphasized the numerous institutions and laws in the United States that promote direct foreign investment.
The US Assistant Secretary for Energy and Natural Resources reiterated the US’s willingness to engage relevant agencies to collaborate with their Nigerian counterparts in devising a framework to advance the mining sector.
In response, Dr. Oladele Alake expressed his optimism at the prospect, stating that the Ministry of Solid Minerals Development had initiated a seven-point agenda to reposition the sector. He outlined key initiatives, including the establishment of a new Solid Minerals Development Company, a revamped security framework to ensure operational safety in mines, and the comprehensive generation of data to mitigate risks in the sector.
Dr. Alake further underscored that the credit facility and foreign direct investment pledged by the United States would be mutually beneficial, especially given the global emphasis on clean energy and the need for energy minerals like lithium in the production of electric vehicles.
Additionally, the executive secretary of the Nigerian Solid Minerals Fund, Hajiya Fatima Shinkafi, lauded the US for its investment in mining infrastructures across Africa and urged a similar partnership with the Fund in the minerals sector.
