NIGERIA AND US SIGN MINERAL INVESTMENT PACT

NIGERIA AND US SIGN MINERAL INVESTMENT PACT

Nigeria and the United States have signed an agreement to invest in the mining industry with a framework for American investment in Nigeria's $700 billion mineral resources.

Nigeria's minister of Solid Minerals development, Dele Alake and U.S Deputy Secretary of State, Christopher Landau signed the agreement at the Nigeria's Mission House in New York.

The agreement is expected to use the Nigeria-US government relationship as a foundation for business-to-business transactions to boost Nigeria's value-addition policy.

The Minister notes that the framework is designed for both countries to collaborate on geological data and exploration, mineral development and processing, infrastructure and technical capacity.

For the U.S Deputy Secretary of State Landau, as Africa's most populous country, Nigeria is a regional power that deserves partnership with the United States.

He says the agreement will bring greater prosperity to both countries and the United States is happy to support Nigeria's economic growth.