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FG, U.S. collaborate to fund mining projects in Nigeria

He promised to notify the agencies to collaborate with their Nigerian counterparts to work out the framework.

• November 29, 2023
Mining site
Mining field in Nigeria used to illustrate the story

The Nigerian authorities and those of the United States, on Wednesday, held talks on how to fund mining projects in Nigeria.

According to a statement by Kehinde Bamigbetan, special adviser to the minister of solid minerals development, Dele Alake, the talks were held on the sidelines of the “Mines and Money” conference holding in London.

Mr Bamigbetan said that the meeting was between Mr Alake and the United States assistant secretary for energy and natural resources, Geoffrey Pratt.

He said that both men agreed to set up a team of officials from both countries to explore financing for credit to mining firms and infrastructures.

Meanwhile, Mr Pratt said that his visit to Mr Alake followed an earlier meeting with President Bola Tinubu, who sought the support of the U.S. for the country’s economic revival.

He said that the U.S. 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.

According to him, the United States has various institutions and laws which encourage direct foreign investment.

He promised to notify the agencies to collaborate with their Nigerian counterparts to work out the framework.

Responding, Mr Alake said that his ministry had launched a seven-point agenda as its roadmap to repositioning the mining sector.

He mentioned 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.

He said that the credit facility and foreign direct investment promised by the United States would be in the mutual interest of both countries.

“Energy minerals such as lithium are critical to the global crusade for clean energy and necessary for the manufacture of electric cars,” Mr Alake said.


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