Nigeria and the United States have signed an agreement to boost American investment in Nigeria’s mining sector.

The deal was signed by the Minister of Solid Minerals Development, Dele Alake, and US Deputy Secretary of State, Christopher Landau. The signing took place at the Nigeria Mission House in New York on Wednesday, on the sidelines of the 81st United Nations General Assembly.

Alake announced the agreement in a post on X on Thursday. He said the framework covers geological data and exploration, mineral development and processing, infrastructure, and technical capacity.

According to the minister, Nigeria’s mineral resources are worth about $700 billion.

Alake said Nigeria should not remain a supplier of raw materials while others take most of the value. He called for more local processing, quality jobs, stronger skills, and better opportunities for Nigerian businesses.

“In the coming months, we will turn this framework into projects, investments and real results for our people. We will identify viable projects and build partnerships that create value for Nigerians and our US partners,” he said.

The agreement comes as the Federal Government pushes to attract more foreign investment into the solid minerals sector and increase local value addition.