Nigeria, US ink Pact to Boost Investment in Mining

Nigeria and the United States have agreed to “deepen American investment” in the mining industry of Africa’s most populous country, Nigeria’s resources ministry announced Thursday. The transaction comes as US President Donald Trump has cut foreign funding and instead pushed business deals, especially in Africa where Chinese companies have stronger roots.

Nigeria’s minister for solid minerals, Dele Alake, and US deputy secretary of state, Christopher Landau, inked the “framework for American investment in Nigeria’s $700 billion mineral resources” Wednesday in New York, on the fringes of the United Nations General Assembly, the ministry stated.

Mining sectors in many African countries remain largely focused on raw exports, posing hurdles to economic development, experts say. But the investments would be more than a mere export of raw materials, which are less valuable than refined end-products, Alake added.

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