Partnership Discussions Between Nigeria and the United States on Funding Mining Projects
The Nigerian authorities and the United States recently engaged in discussions regarding the financing of mining projects in Nigeria. According to Mr Kehinde Bamigbetan, Special Adviser to the Minister of Solid Minerals Development, Dr Dele Alake, these discussions occurred during the “Mines and Money” conference in London.
The meeting involved Dr Alake and the United States Assistant Secretary for Energy and Natural Resources, Geoffrey Pratt. It was mutually agreed upon to assemble a team of officials from both countries to investigate financing opportunities, including credit for mining firms and infrastructure development.
Geoffrey Pratt emphasised the United States’ interest in partnering with Nigeria for the development of the solid minerals sector. He made reference to the reforms announced by the minister at the conference and expressed the United States’ willingness to collaborate with Nigerian counterparts to establish a framework.
Dr Alake, in response, detailed the Ministry’s seven-point agenda for repositioning the mining sector. He highlighted the significance of energy minerals such as lithium in the global demand for clean energy and the production of electric cars. Furthermore, he reiterated the mutual interest of both countries in the credit facility and foreign direct investment pledged by the United States. Additionally, he mentioned the establishment of the new Solid Minerals Development Company, a new security architecture for mine operations, and data generation to mitigate risks in the sector.
Geoffrey Pratt’s visit to Dr Alake follows an earlier meeting with President Bola Tinubu during which Tinubu sought US support for Nigeria’s economic revival. The United States possesses various institutions and laws that promote direct foreign investment, and Pratt assured to engage these agencies in collaboration with their Nigerian counterparts.
In conclusion, the partnership discussions between Nigeria and the United States denote the potential for increased investment in Nigeria’s mining sector. The commitment from both parties to explore financing opportunities signifies a step towards the revitalisation and growth of the mining industry in Nigeria.
