A team of representatives from both nations will investigate loan options for mining companies and infrastructure, as agreed upon by US Assistant Secretary for Energy and Natural Resources Geoffrey Pyatt and Minister of Solid Minerals Development Dele Alake.
Speaking on the fringes of the Mines and Money Conference in London, Pyatt noted that his trip to Alake came after a previous meeting with President Bola Tinubu, who asked for American assistance in reviving the nation’s economy.
He stated that the US was interested in the reforms the minister had highlighted during the conference and that the US would like to be Nigeria’s preferred partner in expanding the solid minerals sector.
Noting that the United States has a number of laws and organizations that promote direct foreign investment, Pyatt said he will alert the agencies to engage with their Nigerian counterparts to develop the framework.
Alake retorted that the Ministry of Solid Minerals Development has unveiled a seven-point agenda as its plan for repositioning the industry.
He emphasized the formation of the Solid Minerals Development Company, the creation of a new security architecture to guarantee the security of mine operations, and the vast accumulation of data to cut risks in the industry.
According to the minister, “both countries would benefit from the credit facility and foreign direct investment that the US has promised because energy minerals like lithium are essential to the global fight for clean energy and required for the production of electric cars.”
Fatima Shinkafi, the Executive Secretary of the Nigerian Solid Minerals Fund, also spoke at the conference. She urged a similar collaboration with the Fund and praised the US for its investment in mining infrastructure in Central Africa.