Nigeria, US Collaborate To Boost Mining Sector Funding

The Minister of Solid Minerals Development, Oladele Alake, and United States Assistant Secretary for Energy and Natural Resources, Geoffrey Pratt, have initiated discussions to explore financial support for mining projects and infrastructure in Nigeria.

Tracknews Media gathered that the decision to establish a joint team of officials from both nations was reached during their meeting on the sidelines of the Mines & Money conference in London.

Pratt’s visit to Alake followed a prior meeting with President Bola Ahmed Tinubu, where the US expressed interest in supporting Nigeria’s economic revitalization.

Pratt emphasized the United States’ desire to become Nigeria’s preferred partner in developing the solid minerals sector, citing particular interest in the minister’s announced reforms during the conference.

Highlighting the US’s supportive framework for foreign investment, Pratt pledged to coordinate with relevant agencies to collaborate with their Nigerian counterparts in establishing a conducive financing framework.

In response, Dr. Alake welcomed the collaboration, expressing enthusiasm for the proposed partnership. He underscored the Ministry of Solid Minerals Development’s seven-point agenda, serving as a roadmap to reposition the sector.

Key initiatives include the establishment of the new Solid Minerals Development Company, the implementation of a robust security architecture for mine operations’ safety, and extensive data generation to mitigate sector risks.

Dr. Alake emphasized the mutual benefits of the credit facility and foreign direct investment promised by the United States. He highlighted the global significance of energy minerals, particularly lithium, in advancing the clean energy agenda and supporting the production of electric vehicles.

During the meeting, Hajiya Fatima Shinkafi, the executive secretary of the Nigerian Solid Minerals Fund, lauded the US for its investment in mining infrastructure in Central Africa.

She encouraged a similar partnership with the Nigerian Solid Minerals Fund, reinforcing the positive trajectory of collaboration between the two nations.