In a significant development on the sidelines of the Mines and Money conference in London, Nigeria’s Minister of Solid Minerals Development, Oladele Alake, and the United States Assistant Secretary for Energy and Natural Resources, Geoffrey Pratt, have agreed to establish a joint team to explore financing options for credit to mining firms and infrastructures.
Pratt, who had previously met with President Bola Ahmed Tinubu to discuss support for Nigeria’s economic revival, expressed the United States’ desire to be Nigeria’s preferred partner in developing the solid minerals sector.
He emphasised the US interest in the reforms announced by Minister Alake during his plenary address at the conference.
Highlighting the United States’ various institutions and laws encouraging direct foreign investment, Pratt expressed his commitment to coordinating with Nigerian counterparts to formulate a collaborative framework. He acknowledged the potential for mutual benefit in such a partnership.
In response, Minister Alake welcomed the collaboration, describing it as “music to his ears.” He reiterated the Ministry’s dedication to repositioning the sector, outlining a seven-point agenda as its roadmap.
This includes the establishment of the new Solid Minerals Development Company, implementing a robust security architecture for mine operations, and extensive data generation to mitigate sector risks.
Alake underscored the significance of the credit facility and foreign direct investment pledged by the United States.
He emphasised that such support aligns with the mutual interests of both nations, especially in the context of the global push for clean energy and the essential role of energy minerals like lithium in the production of electric cars.
Adding her perspective, Hajiya Fatima Shinkafi, the executive secretary of the Nigerian Solid Minerals Fund, commended the US for its investments in mining infrastructures in Central Africa. She urged a similar collaborative approach with the Fund.
Source: PM News