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FDIs: Nigeria, US hold talks on funding mining projects

Geoffrey Pratt, United States (US) Assistant Secretary for Energy and Natural Resources (l) and Dr. Oladele Alake, Honourable Minister for Solid Minerals Development Photo: State House

*Dr. Oladele Alake, Minister for Solid Minerals Development, informs the United States Assistant Secretary for Energy and Natural Resources of the establishment of a new Solid Minerals Development Company and security architecture to ensure safety of mine operations, data generation to derisk the sector of the economy

Gbenga Kayode | ConsumerConnect

Dr. Oladele Alake, Honourable Minister for Solid Minerals Development, and Geoffrey Pratt, United States (US) Assistant Secretary for Energy and Natural Resources, on the sidelines of the Mines and Money Conference holding in London, United Kingdom (UK), have agreed to set up a joint team of officials to explore financing for credit to mining firms and infrastructure.

Pratt said his visit to Dr. Alake followed an earlier meeting with President Bola Ahmed Tinubu, who sought the support of the US for the West African country’s economic revival.

US is Nigeria’s partner of choice solid minerals development, says Pratt

Pratt, US Assistant Secretary for Energy and Natural Resources, also said that the American country would like to be Nigeria’s partner of choice in developing the solid minerals sector.

According to him, the US is interested in the reforms the Minister for Solid Minerals Development had announced in his address at the plenary of the conference in the UK.

Noting that the United States has various institutions and laws which encourage direct foreign investment, Pyatt also disclosed he would notify the agencies to collaborate with their Nigerian counterparts to work out the framework.

In his response, Alake said the gesture was music to his ears, as the Ministry of Solid Minerals Development has launched a seven-point agenda as its roadmap to reposition the sector.

On new solid minerals company and security architecture in Nigeria

The Minister highlighted the establishment of the new Solid Minerals Development Company, a new security architecture to ensure safety of mine operations and data generation on a massive scale to derisk the sector.

The credit facility and Foreign Direct Investment (FDI) promised by the United States would be in the mutual interest of both countries because energy minerals, stated Alake.

These energy minerals, such as lithium, are critical to the global crusade for clean energy and necessary for the  manufacture of electric cars or vehicles (EVs).

Also speaking at the meeting, Hajiya Fatima Shinkafi, Executive Secretary of the Nigerian Solid Minerals Fund,  commended the US for investment in mining infrastructure in Central Africa, urging a similar partnership with the Fund.

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