Published on 02/12/2023
The Federal Government of Nigeria, represented by the Minister of Solid Minerals Development, Mr. Dele Alake, and the United States, through Assistant Secretary for Energy and Natural Resources Geoffrey Pratt, have initiated discussions on financing mining projects in Nigeria.
- Both officials have agreed to establish a joint team to explore funding opportunities for mining companies and related infrastructure.
- This agreement was held on the sidelines of the mines and money conference holding in London.
- Alake that credit facility and foreign direct investment promised by the United States would be mutually beneficial for both countries.
This agreement was held on the sidelines of the mines and money conference in London.
Both officials have agreed to establish a joint team to explore funding opportunities for mining companies and related infrastructure.
Pratt said his visit to Alake followed an earlier meeting with President Bola Tinubu, who sought the support of the US for the country’s economic revival.
He said the US would like to be Nigeria’s partner of choice in developing the solid minerals sector and was interested in the reforms announced by the minister in his address at the plenary of the conference.
What Pratt said:
“Energy minerals such as lithium are crucial for the global clean energy movement and the production of electric cars,”
“The US would coordinate with relevant agencies to collaborate with their Nigerian counterparts and develop a framework for this partnership.”
The pursuit of Nigeria’s high-grade lithium reserves continues to gain traction globally. The lithium reserve in the country has also piqued the interest of South Korea.
In response to Pratt, Alake expressed appreciation for the initiative, stating that it was music to his ears. He noted that the Ministry of Solid Minerals Development has introduced a seven-point agenda as its roadmap to strategically reposition the sector.
The minister shared on his social media that credit facility and foreign direct investment promised by the United States would be mutually beneficial for both countries.
He noted the establishment of the new Solid Minerals Development Company, a new security architecture to ensure the safety of mine operations and data generation on a massive scale to derisk the sector.
Solid minerals earnings in Nigeria hit N814Bn in 15 Years, but falls short of its full potential.
Alake said the credit facility and foreign direct investment promised by the United States would be in the mutual interest of both countries because energy minerals such as lithium are critical to the global crusade for clean energy and necessary for the manufacture of electric cars.
Also speaking at the meeting, the Executive Secretary of the Nigerian Solid Minerals Fund, Fatima Shinkafi, commended the US for investing in mining infrastructures in Central Africa, urging a similar partnership with the Fund.
