Alake Denies $700bn Mineral Sale to US, Promotes Investment

Dr Dele Alake, the Minister of Solid Minerals Development, has rejected claims that Nigeria sold $700bn worth of solid minerals to the United States. He clarified that the bilateral agreement was intended to attract investment and facilitate cooperation rather than transfer ownership of Nigeria's mineral assets.

Alake stated that no Nigerian assets were sold and described reports of the US taking control of Nigeria’s mineral resources as false. He made these remarks following the inauguration of the Nigeria-United States Committee on Strategic Cooperation in the Solid Minerals Sector.

This committee was established under a strategic cooperation framework agreed upon during the 81st United Nations General Assembly. Alake noted that the Memorandum of Understanding signed was a government-to-government arrangement aimed at fostering business-to-business engagements.

He highlighted Nigeria's need to change its economic transactions to ensure better value from its natural resources and mentioned policies requiring local processing of minerals before title acquisition. The US Embassy's Economic Officer, Jonathan Baas, expressed interest in securing critical supply chains through this partnership.