In an official statement, Minister of Solid Minerals Development, Dele Alake, disclosed that advanced discussions are currently underway between the United States government and the federal government of Nigeria regarding the financing of mining companies and critical infrastructure within Nigeria. This significant revelation transpired during a meeting with Geoffrey Pratt, the United States Assistant Secretary for Energy and Natural Resources, held as part of the Mines & Money conference in London.
Alake emphasized the establishment of a collaborative team, consisting of officials from both Nigeria and the United States, tasked with investigating various financing options to facilitate credit for mining enterprises and essential infrastructure. The minister conveyed this pivotal development through his official platform, underscoring that this collaborative effort seeks to stimulate foreign direct investment in the nation, thereby fostering growth within the mineral and energy sectors.
Quoting Minister Alake’s statement during the Mines & Money conference in London, he stated,
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 infrastructure.”
Alake further elaborated on key initiatives, including the establishment of the new Solid Minerals Development Company, reinforced security measures for mining operations, and an extensive data generation strategy to mitigate risks within the sector. Emphasizing mutual benefits, he added, “The credit facility and foreign direct investment promised by the United States would be mutually beneficial for both countries.”
Assistant Secretary Pratt acknowledged a prior meeting with President Bola Ahmed Tinubu, during which Tinubu sought U.S. support for Nigeria’s economic recovery. Pratt expressed the United States’ keen interest in becoming Nigeria’s preferred partner in the growth of the solid minerals industry and conveyed appreciation for the reforms announced by Minister Alake during the conference’s plenary session.
Pratt pledged to coordinate with relevant agencies to collaborate with their Nigerian counterparts, actively working towards establishing a framework for this strategic partnership. He emphasized the importance of energy minerals such as lithium in the global clean energy movement and electric car production, underscoring the United States’ commitment to engaging with Nigerian agencies to facilitate direct foreign investment within the sector.
Pratt added, “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.”
