President Bola Ahmed Tinubu has revealed why Nigeria entered a fresh mining deal with the United States, insisting the nation’s estimated $700 billion mineral wealth must no longer be carted away raw.
No More Raw Export
Tinubu said his administration has drawn a hard line: Nigeria will no longer remain an exporter of raw minerals while importing poverty.
He spoke on Thursday in a statement on his verified X handle @officialABAT, welcoming the agreement signed in New York between Minister of Solid Minerals Development Dele Alake and US Deputy Secretary of State Christopher Landau on the sidelines of the 81st UN General Assembly.
“Under our Renewed Hope administration, Nigeria remains open to partnerships that deliver meaningful benefits at home and create opportunities for our people,” Tinubu said.
“I welcome the agreement signed in New York… to deepen American investment in Nigeria’s mining sector and help unlock the potential of our mineral resources, estimated at about $700 billion.”
Licence Means Local Value
The President said from day one, his government made a deliberate choice to break from the old extract-and-export model.
“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,” he declared.
According to him, the policy is already working, with new processing plants springing up, billions of dollars in commitments flowing in, and rising global interest in Nigeria’s critical minerals like lithium, gold and rare earths.
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Jobs, Skills, Local Wealth
Tinubu said the next phase is to dominate the entire value chain – from exploration, extraction, processing, refining to manufacturing.
And at every stage, Nigerians must be the winners.
“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,” he said.
He stressed that siting processing plants close to mining communities will spark industrial clusters, attract infrastructure and transform host communities.
The deal, signed at Nigeria House, New York, is expected to unlock US capital and technology for value addition at home, not just excavation abroad.
