The Minister of Solid Minerals Development, Dele Alake, said the federal government is in advance talks with the United States of America government to explore financing mining firms and infrastructures in Nigeria.
He made this statement upon meeting with the US Assistant Secretary for Energy and Natural Resources, Geoffrey Pratt, on the sidelines of the Mines & Money conference in London.
According to the Minister, Nigeria and the US have agreed to create a collaborative team consisting of officials from both nations.
This team will be assigned the task of exploring financing options to facilitate credit for mining firms and essential infrastructure.
Alake shared on his official X account that the partnership will encourage foreign direct investment in the country and drive growth in the energy and mineral sector.
He said,
- “During the Mines & Money conference in London, I had a productive discussion with Geoffrey Pratt, the United States Assistant Secretary for Energy and Natural Resources.
- “We agreed to establish a team comprising officials from both countries to explore financing options for credit to mining firms and infrastructures.
- “I emphasized key initiatives such as the establishment of the new Solid Minerals Development Company, enhanced security measures for mining operations, and extensive data generation to reduce risks in the sector.
- “I stressed that the credit facility and foreign direct investment promised by the United States would be mutually beneficial for both countries.”
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On his part, Pratt said his meeting with Alake followed an earlier meeting with President Bola Ahmed 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.
While noting that the United States had various institutions and laws which encouraged direct foreign investment, Pyatt said he would notify the agencies to collaborate with their Nigerian counterparts to work out the framework.
He 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.”
