By Palma Ileye
Minister of Solid Minerals Development, Dr. Dele Alake, has dismissed reports claiming that Nigeria sold $700 billion worth of solid minerals to the United States, insisting that no Nigerian asset has been sold or transferred to the US.
Alake stated this on Tuesday in Abuja during the inauguration of the Nigeria-United States Committee on Strategic Cooperation in the Solid Minerals Sector.
He explained that the memorandum of understanding (MoU) signed between both countries was designed to facilitate business-to-business engagements between American investors and Nigerian mining operators, rather than the sale of the country’s mineral assets.
The Minister said the agreement followed the strategic cooperation framework established between Nigeria and the US during the 81st United Nations General Assembly in New York.
“There is no sale of any Nigerian asset. There’s nothing exchanging hands,” he declared.
Adding that, “We created a platform to facilitate mingling of US investment ventures with Nigeria’s local operators. It is in the public domain. We signed it in public and published it in four or five national newspapers.”
Alake described reports suggesting that the US intended to take over Nigeria’s mineral resources and security architecture as false, insisting that the partnership was aimed at attracting investment, transferring technology, strengthening local processing and creating employment opportunities.
He said the partnership aligned with President Bola Tinubu’s economic diversification agenda, which seeks to reduce Nigeria’s dependence on oil by harnessing its vast solid mineral resources.
According to him, Nigeria has the critical minerals required for the global transition to clean energy but must change the pattern of international transactions to ensure that the country benefits more from its natural resources.
“We have the resources, the critical elements the world needs to transit to clean energy. So we are creating a new paradigm — you bring your capital, expertise and technology, to match with our natural resources and create a win-win situation. The investor gains, Nigeria gains,” he said.
The Solid Minerals Minister noted that Nigeria had operated a mono-product economy for decades, with crude oil dominating its revenue base, while solid minerals were largely extracted and exported without adequate local processing.
He said the Federal Government had introduced policies making local processing a requirement for investors seeking mineral titles, adding that the government would no longer grant such titles without a clear plan for processing minerals within the country.
According to him, the policy has encouraged the establishment of processing facilities, including what he described as the largest lithium processing plant in West Africa, recently commissioned in Nasarawa State by Vice-President Kashim Shettima.
Alake added that the policy direction also informed the formation of the African Minerals Strategy Group to promote cooperation among African countries in developing their mineral resources.
On investment, the Minister said confidence in Nigeria’s solid minerals sector had improved following the macroeconomic reforms introduced by the Tinubu administration, which he said provide investors with assurances on security of tenure and repatriation of profits.
He charged members of the newly inaugurated committee to ensure effective coordination, identify investment opportunities and translate the Nigeria-US cooperation framework into measurable outcomes.
Alake said the committee’s assignment was critical to the Federal Government’s ambition of building a $1 trillion economy.
Earlier, the Permanent Secretary of the Ministry of Solid Minerals Development, Engr. Faruk Yusuf Yabo, said the inauguration would translate growing bilateral engagements between Nigeria and the US into a structured framework for practical cooperation and investment mobilisation.
Also speaking, the Economic Officer at the US Embassy, Jonathan Baas, said President Donald Trump had prioritised energy, artificial intelligence and superintelligence, as well as critical minerals, as key areas of focus for American embassies.
Baas said the US government was interested in working with international partners to secure critical mineral supply chains while ensuring that host countries benefited from the value generated.
“We just signed a contract today on looking into building AI data centres in Nigeria at the Nigerian Economic Summit. That’s the direction Washington wants us to go,” he said.
In his vote of thanks, the Chief Executive Officer and Managing Director of the Nigeria Solid Minerals Company, Martins Imonite said the committee would coordinate implementation, facilitate investment and monitor progress towards achieving the objectives of the bilateral cooperation framework.
The inauguration underscores the Federal Government’s efforts to reposition the solid minerals sector as a driver of economic diversification, industrial development and national prosperity under President Tinubu’s Renewed Hope Agenda.
