The Minister of Solid Minerals Development, Dr. Oladele Alake, and Geoffrey Pratt, the United States Assistant Secretary for Energy and Natural Resources, have agreed to establish a joint team of officials from both countries. The team will focus on exploring financing options for extending credit to mining firms and supporting infrastructure development.
The two parties convened during the Mines & Money conference held in London.
Pratt mentioned that his meeting with Alake followed a prior discussion with President Bola Ahmed Tinubu, who sought U.S. support for the country’s economic revitalization.
He expressed the U.S.’s desire to become Nigeria’s preferred partner in developing the solid minerals sector and conveyed interest in the reforms outlined by the minister during his conference address.
Highlighting the various institutions and laws in the United States encouraging direct foreign investment, Pyatt indicated that he would facilitate collaboration between U.S. agencies and their Nigerian counterparts to formulate the necessary framework.
In response, Dr. Alake expressed enthusiasm, stating that the gesture was like music to his ears. He noted that the Ministry of Solid Minerals Development had introduced a seven-point agenda as its roadmap to reshape the sector.
He emphasized the creation of the new Solid Minerals Development Company, a fresh security framework to ensure the safety of mining operations, and extensive data generation to mitigate risks in the sector.
He emphasized that the credit facility and foreign direct investment pledged by the United States would be mutually beneficial. This is because energy minerals like lithium are crucial for the global push towards clean energy and are essential for manufacturing electric cars.
During the meeting, Hajiya Fatima Shinkafi, the Executive Secretary of the Nigerian Solid Minerals Fund, also spoke and praised the U.S. for investing in mining infrastructures in Central Africa. She encouraged a similar partnership with the Fund.