Mohammed Shosanya
Dr. Oladele Alake, Minister of Solid Minerals Development, and Geoffrey Pratt, United States Assistant Secretary for Energy and Natural Resources, have initiated talks on financing mining projects and infrastructures in Nigeria.
The talk was initiated on the sidelines of the Mines & Money conference in London.
The agreement entails the establishment of a joint team comprising officials from both countries to delve into financing options, extending credit to mining firms, and bolstering infrastructure in the mining sector.
Pratt’s visit to Alake was sequel to a prior meeting with President Bola Ahmed Tinubu, where Tinubu sought U.S. support for Nigeria’s economic revival.
He expressed the U.S.’s interest in becoming Nigeria’s preferred partner in developing the solid minerals sector.
He highlighted the U.S.’s encouragement of direct foreign investment through various institutions and laws and pledged to collaborate with Nigerian counterparts in framing the necessary framework.
Alake welcomed this initiative, stating that the Ministry of Solid Minerals Development has outlined a seven-point agenda as a roadmap to revitalize the sector.
The agenda includes the establishment of the new Solid Minerals Development Company, a revamped security architecture for mine operations’ safety, and extensive data generation to mitigate risks in the sector.
He emphasized that the credit facility and foreign direct investment promised by the U.S. align with the mutual interests of both nations.
He pointed out that minerals like lithium, crucial for clean energy globally and essential for manufacturing electric cars, make this collaboration significant.
Hajiya Fatima Shinkafi, the executive secretary of the Nigerian Solid Minerals Fund, commended the U.S. for its investment in mining infrastructures in Central Africa.
She encouraged a similar partnership with the Fund, reinforcing the collaborative efforts between Nigeria and the United States in advancing the mining sector.
