A whopping $3 billion in direct investments will be brought into Nigeria’s Mining sector following the deal signed with the United States on Tuesday.
Minister of Solid Minerals Development, Dele Alake, said this while speaking to AIT.Live in New York on the sidelines of the ongoing 81st United Nations General Assembly, UNGA.
The ink has dried on the papers, on the deal between Nigeria and the United States which gives American companies formal access into Nigeria’s minerals sector.
Alake has been defending the deal which some have said puts Nigeria in the same position as the Democratic Republic of Congo, DRC.
Recall President Trump brought the Congolese Government and the M23 rebels to sign a deal to end the long running conflict in the east of the country, which has killed tens of thousands, with hundreds of thousands displaced.
In exchange, American companies have now got access to explore the rare earth minerals from the region. Alake however explains that the Nigerian deal with the U.S is different.
He cautioned against expecting factories overnight, noting that financing structures and technicalities take time.
Alake added that Nigeria has signed similar deals with France and Australia, focused on geological data mapping, training and technology, stressing that internationally certified geological data is critical to give investors confidence, as exploration is expensive and denominated in foreign currency.
Nigeria, has got a good deal with the Americans, he insists.
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Editor: Terverr Tyav
