The Minister of Solid Minerals Development, Dr Dele Alake, has dismissed claims that Nigeria sold $700 billion worth of solid mineral assets or surrendered control of its national security architecture to the United States, describing the reports as products of a “riotous imagination.”
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Alake spoke in Abuja during the inauguration of the Nigeria-United States Committee on Strategic Cooperation in the Solid Minerals Sector, insisting that no Nigerian asset had been sold, exchanged or ceded under the bilateral arrangement.
The Minister explained that the Memorandum of Understanding signed between Nigeria and the United States was strictly a government-to-government framework designed to connect American investment, capital, expertise and technology with Nigerian operators in the solid minerals sector.
“There is no sale of any Nigerian asset. There’s nothing exchanging hands,” Alake said.
“We created a platform to facilitate mingling of US investment ventures with Nigeria’s local operators. It is in the public domain. We signed it in public and published it in four or five national newspapers.”
Alake also rejected claims that Washington was preparing to take control of Nigeria’s mineral resources or security architecture.
“The reports claiming the US was coming to take over Nigeria’s minerals and security architecture were untrue at best and products of riotous imagination at worst,” he said.
Explaining the economic thinking behind the partnership, Alake said President Bola Tinubu’s administration was seeking to change what he described as Africa’s historically unfavourable position in international economic transactions.
According to him, Nigeria possesses critical minerals required for the global transition to clean energy and intends to leverage those resources to attract capital, technology and expertise while ensuring that the country derives value from its natural resources.
“Africa has historically held the short end of the stick in global economic transactions, and Nigeria is determined to change that model,” Alake said.
“We have the resources, the critical elements the world needs to transition to clean energy. So, we are creating a new paradigm — you bring your capital, expertise and technology to match our natural resources and create a win-win situation. The investor gains, Nigeria gains.”
The Minister reiterated the Federal Government’s policy requiring both foreign and local investors in the mining sector to undertake value addition and processing within Nigeria.
He said the era of extracting raw minerals and transporting them directly “from pit to port” without domestic processing was over.
According to Alake, the government now requires applicants for mineral titles to demonstrate a clear pathway towards local processing before approvals are granted.
He said the policy had already encouraged investments in processing facilities, including what he described as West Africa’s largest lithium processing facility in Nasarawa State.
Alake charged members of the newly inaugurated Nigeria-US committee to identify high-value investment opportunities and translate the bilateral framework into measurable economic outcomes.
He said the committee’s activities should contribute towards the Tinubu administration’s target of building a $1 trillion Nigerian economy.
The Permanent Secretary of the Ministry of Solid Minerals Development, Engr. Faruk Yusuf Yabo, said the committee would provide a structured mechanism for converting growing diplomatic engagements between Nigeria and the United States into tangible investments.
The Economic Officer at the United States Embassy, Jonathan Baas, also said Washington was interested in developing secure supply chains while ensuring that countries hosting critical mineral resources benefit from value creation.
“We just signed a contract today on looking into building AI data centres in Nigeria at the Nigerian Economic Summit. That’s the direction Washington wants us to go,” Baas said.
He identified energy, artificial intelligence and critical minerals as some of the priority areas for investment cooperation.
The Managing Director and Chief Executive Officer of the Nigeria Solid Minerals Company, Martins Imonitie, assured the government that the committee would coordinate implementation of the agreement, track progress and work towards positioning Nigeria as a major participant in the global solid minerals industry.
The Federal Government maintained that the Nigeria-US arrangement does not involve the sale or transfer of Nigeria’s mineral assets but is intended to attract investment, technology and expertise while encouraging domestic processing and value addition.
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