The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, has said Nigeria has about 26 of the 60 critical minerals the United States is seeking to secure globally.
Oduwole disclosed this on Tuesday while speaking on Arise Television’s Morning Show.
She said Nigeria was in a strong position to negotiate with the US because of the country’s mineral resources.
“The US has a list of 60 minerals that they are trying to secure globally. Nigeria has about 26 of those minerals, so there’s nothing anybody is going to take away from us without it being on our own terms,” she said.
The minister also explained that the critical minerals framework recently signed between Nigeria and the US is a Memorandum of Understanding and is not legally binding.
“For the Critical Minerals framework, it’s an MOU. When you sign MOUs, first of all, they are intentions. They are not legally binding,” she said.
According to Oduwole, the Federal Government is working with the US to develop a complete value chain for Nigeria’s mineral resources.Geographic Reference
She said Nigeria wants to use the partnership to attract infrastructure, improve energy supply and develop the facilities needed to process its minerals locally instead of exporting them in their raw form.
The minister said the government was particularly interested in developing areas such as lithium processing and battery manufacturing.
Oduwole also assured Nigerians that the government was not giving away the country’s mineral resources through the agreement.
“We’re not giving anything. We’re not letting go of anything, and we don’t need to be afraid. We don’t need to be reactive,” she said.
She said Nigeria must negotiate mineral agreements in a way that protects the interests of Nigerian businesses and ensures that the country gets maximum value from its natural resources.
The minister noted that Nigeria had waited too long to participate fully in the global critical minerals and rare earths market, while countries such as South Africa, Zambia, the Democratic Republic of Congo and Sierra Leone had been mining and developing their mineral resources for years.
She added that increased mining activities could create jobs for young people, especially in communities affected by insecurity.
According to her, providing sustainable jobs and economic opportunities in such areas could help reduce youth restiveness and improve security.
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