Safiu Kehinde
President Bola Tinubu has hailed the signing of the $700 billion worth of mining investment deal between the Ministry of Solid Minerals Development and the United States.
NPO earlier Reported that the Minister of Solid Minerals, Dele Alake, had on Wednesday signed the agreement with the US Deputy Secretary of State, Christopher Landau, during the sideline of the ongoing 81st United Nations General Assembly in New York.
Reacting to the development in a personal statement issued on his official X handle on Thursday, Tinubu described the agreement as a welcomed the development.
He noted that his administration had since inception sought to attract investment into the mining sector by promoting the sector from simply extracting and exporting raw minerals to refining them within the country.
‘I welcome the agreement signed in New York by the Minister of Solid Minerals Development, Dele Alake, and US Deputy Secretary of State Christopher Landau to deepen American investment in Nigeria’s mining sector and help unlock the potential of our mineral resources, estimated at about $700 billion.
‘From the beginning, we made a deliberate choice to move Nigeria away from simply extracting and exporting raw minerals.
‘We tied new mining licences to local value addition and have worked to attract investment into processing and refining here at home.’ Tinubu said.
The president held that the policy had so far yielded positive results with attention now focused on deepening the progress across the entire mining value chain.
Tinubu maintained that every Nigerian must benefit from the development as locally processing the mineral will generate more job opportunities.
‘That policy is already producing results. New processing plants are being established, billions of dollars in investment commitments have entered the sector, and investor interest in Nigeria’s critical minerals continues to grow.
‘Our ambition now is to deepen this progress across the entire mining value chain, from exploration and extraction to processing, refining and manufacturing.
‘At every stage, Nigerians must benefit. Our geologists, engineers and technicians must find work.
‘Our young people must acquire new skills. Local contractors, transporters and suppliers must have opportunities to build businesses.
‘Processing closer to where minerals are found should bring industry, infrastructure and better livelihoods to mining communities.
‘We are also changing what Nigeria sells to the world. We want to process more here, manufacture more here and export higher-value products.’ He said.
The agreement with the United States, according to the president, builds on the progress already made by his administration.
While welcoming the partnership, Tinubu reitrated that Nigeria’s mineral wealth must creat jobs for Nigerians, gro businesses, and create prosperity for the communities where the minerals are found.
‘We welcome partners who bring capital, technology and expertise and are prepared to create value with us here in Nigeria.
‘Our mineral wealth must create Nigerian jobs, grow Nigerian businesses and bring greater prosperity to the communities where these resources are found.
‘This is how we turn the reforms we have made into opportunities for every Nigerian.’ He added.
