Nigeria and the United States have signed a framework agreement aimed at deepening American investment in Nigeria’s mining sector and accelerating the development of the country’s estimated $700 billion mineral resources.
The agreement was signed on Wednesday, September 23, 2026, at the Nigerian Mission House in New York by Nigeria’s Minister of Solid Minerals Development, Dele Alake, and US Deputy Secretary of State Christopher Landau, on the sidelines of the 81st United Nations General Assembly.
The framework is designed to strengthen cooperation across key areas of Nigeria’s mineral value chain, including geological data and exploration, mineral development and processing, infrastructure, and technical capacity building.
Nigeria Seeks Greater Local Value
Alake described the agreement as an important step in strengthening Nigeria-US cooperation around the country’s mineral resources.
He said Nigeria’s objective was not to remain primarily an exporter of raw minerals while other countries capture most of the value through processing and manufacturing.
According to the minister, the partnership is intended to promote greater local processing, create jobs, strengthen technical skills and expand opportunities for Nigerian businesses.
Alake also said the Nigerian government would work with US partners in the coming months to identify viable projects, mobilise investment and translate the framework into specific commercial opportunities.
“The signatures are promises,” Alake said, according to a report by the News Agency of Nigeria, adding that implementation would be assessed through projects developed, facilities built and skills transferred to Nigerians.
US Signals Support for Nigeria’s Mining Ambitions
Landau said the agreement represented a broader partnership between Nigeria and the United States beyond the immediate mineral sector.
He said the US was prepared to support Nigeria’s economic growth and described the two countries as partners.
Landau also backed Nigeria’s push to retain more value from its mineral resources rather than simply supplying raw materials to foreign markets.
The agreement comes as Washington seeks to strengthen relationships with mineral-producing countries and diversify supply chains for critical minerals used in technologies including electric vehicle batteries and renewable-energy infrastructure.
$700bn Mineral Wealth Is an Estimate
Nigeria’s government has estimated the country’s mineral resources at approximately $700 billion. The figure refers to the estimated value of the country’s mineral resource base and does not represent the amount of money committed by the United States under the new agreement.
The US Geological Survey identifies a range of minerals produced in Nigeria, including tantalum, beryllium, gold, iron ore, lead, manganese, niobium, tin, tungsten, zinc and zirconium. Its data show that Nigeria was among the world’s leading producers of tantalum and beryllium in 2024.
The agreement therefore comes against the backdrop of Nigeria’s broader effort to diversify its economy and develop mineral processing and other activities beyond the extraction and export of raw materials.
From Framework to Investment
While the agreement creates a framework for increased cooperation, the signing itself does not mean that $700 billion in investments have been secured.
The next stage will involve identifying commercially viable mining projects and developing partnerships covering exploration, processing, infrastructure and skills development.
For Nigeria, the government’s stated objective is to use the partnership to build more domestic value around its mineral resources, while creating opportunities for investment and employment.
The framework also follows recent calls by Nigerian officials for African countries to move away from exporting raw minerals and develop processing and manufacturing capacity within the continent.