Nigeria and the United States Collaborate on Financing Mining Projects
A recent agreement has been reached between Geoffrey Pratt, the Assistant Secretary of Energy and Natural Resources of the United States, and Dele Alake, the Minister of Solid Minerals Development of Nigeria, to investigate financing options for credit to mining firms and infrastructures in Nigeria. The discussion took place during the Mines & Money conference in London, UK.
Mr. Pratt expressed the United States’ interest in partnering with Nigeria to develop the solid minerals sector. He stated that the US government is committed to supporting Nigeria’s economic revival and is eager to support the reforms announced by Mr. Alake during his conference address.
Furthermore, Mr. Pratt highlighted the various institutions and laws in the US that promote direct foreign investment. He assured that he would collaborate with relevant agencies to establish a framework for the partnership with Nigeria.
In response, Mr. Alake expressed his enthusiasm for the collaboration, stating that the Ministry of Solid Minerals Development has launched a seven-point agenda as a roadmap to reposition the sector. He also discussed the establishment of the new Solid Minerals Development Company, improved security architecture, and data generation for the mining sector.
The Minister emphasized that the credit facility and foreign direct investment promised by the United States would benefit both countries, particularly in the context of the global push for clean energy and the production of electric cars, which require critical energy minerals like lithium.
During the discussion, Fatima Shinkafi, the Executive Secretary of the Nigerian Solid Minerals Fund, also commended the US for investing in mining infrastructures in Central Africa, and urged for a similar partnership with the Fund.
The potential collaboration between Nigeria and the US in the mining sector holds promising opportunities for economic growth and sustainability. It is a significant step towards leveraging foreign investment to develop the solid minerals industry in Nigeria, and it reinforces the country’s commitment to sustainable energy and economic development.
As the partnership progresses, it is expected that the mutual cooperation will bring about positive outcomes for both countries, contributing to job creation, technological advancement, and the overall growth of the mining sector.
In conclusion, the collaboration between the Nigerian government and the United States in the area of mining finance reflects the importance of international partnerships in fostering economic development and sustainability. Such initiatives are essential for the continued growth and prosperity of both nations.
Source: Premium Times
