A whopping $3 billion in direct investment outlay has been brought into Nigeria”s Mining sector since reforms were introduced in 2024.
So says Minister of Solid Minerals Development, Dele Alake, in an interview with AIT.live on the sidelines of the United Nations General Assembly, UNGA.
Alake was speaking just days after Nigeria and the United States signed a mining deal.
The ink has dried on the papers, on the deal between both countries, which gives American companies formal access into Nigeria’s minerals sector.
The Minister 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.
He emphasised 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
