WorldStage— The Minister of Solid Minerals Development, Dr. Dele Alake, has dismissed widespread social media reports and claims alleging that Nigeria sold $700 billion worth of solid minerals to the United States.
Speaking in Abuja during the inauguration of the Nigeria-United States Committee on Strategic Cooperation in the Solid Minerals Sector, Alake clarified that the bilateral agreement signed by both nations does not involve any transfer, sale, or ceding of Nigeria’s mineral assets.
“There is no sale of any Nigerian asset. There’s nothing exchanging hands,” Alake stated.
He explained that the framework is a government-to-government mechanism meant to link American investment ventures with local Nigerian operators rather than privatize or surrender national wealth.
The controversy stemmed from a misinterpretation of a $700 billion figure, which represents the federal government’s long-standing geological valuation of Nigeria’s total unexploited mineral resources in the ground—not a cash transaction, sale price, or financial commitment from Washington.
The framework agreement was officially signed on September 23, 2026, in New York on the sidelines of the United Nations General Assembly by Alake and U.S. Deputy Secretary of State Christopher Landau.
According to the ministry, the pact focuses on geological data sharing, exploration, infrastructure development, and technical capacity-building.
Alake emphasized that a core condition of the partnership is mandatory in-country value addition.
Rather than exporting raw ores as seen in historical patterns, the policy mandates that processing, refining, and industrial manufacturing take place within Nigeria to generate local jobs and retain economic value.
Alake reiterated the administration’s strict policy stance against the export of raw, unprocessed mineral ores.
Under current guidelines, international investors must present clear blueprints for local processing and value addition before they can be granted mineral titles.
This regulatory framework has already catalyzed industrial development, including the establishment of a major lithium processing facility in Nasarawa State.
By fostering these business-to-business engagements under a transparent framework published across national newspapers, the ministry intends to position Nigeria as a major hub for clean energy technologies while retaining economic value within the country.
