…Sanwo-Olu says framework will boost local processing, investment and jobs
Nigeria and the United States have taken a step towards deepening investment in Nigeria’s estimated $700 billion mineral resources, with the signing of a new framework focused on developing the country’s local mineral value chain.
Lagos State Governor Babajide Sanwo-Olu disclosed this in a Facebook post on Thursday, saying he witnessed the signing at Nigeria’s Mission House in New York.
According to the governor, the framework was signed by the Minister of Solid Minerals Development, Dele Alake, and the US Deputy Secretary of State, Christopher Landau.
Sanwo-Olu said the agreement would shift the focus beyond the export of raw minerals towards building greater domestic value through processing, exploration, infrastructure development and technical capacity.
“I was in the room at Nigeria’s Mission House in New York on Wednesday when we took an important step forward for our economy,” the governor said.
He described the development as encouraging, stressing the need to ensure that increased investment in the mining sector translates into tangible benefits for Nigerians.
“We must keep working to ensure that opportunities like this create real benefits for our people in Lagos and across Nigeria,” Sanwo-Olu said.
The development is part of broader efforts to attract investment into Nigeria’s solid minerals sector and promote local value addition rather than reliance on the export of unprocessed mineral resources.
