The Federal Government has explained the $700 million critical minerals deal with the United States, saying Nigeria is not giving away its mineral resources under the framework.
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, stated this on Tuesday while speaking on Arise Television’s Morning Show.
Oduwole said Nigeria has about 26 of the 60 critical minerals the United States is seeking to secure globally.
“THE U.S. HAVE A LIST OF 60 MINERALS THAT THEY’RE TRYING TO SECURE GLOBALLY. NIGERIA HAS ABOUT 26 OF THOSE MINERALS, SO THERE’S NOTHING ANYBODY’S GOING TO TAKE AWAY FROM US WITHOUT IT BEING ON OUR OWN TERMS,” SHE SAID.
The minister explained that the critical minerals framework recently signed between Nigeria and the United States 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’re intentions – they are not legally binding,” Oduwole said.
According to her, the Federal Government is seeking to establish a complete value-addition supply chain for Nigeria’s mineral resources through its partnership with the United States.
She said while the US was interested in securing and supporting its critical minerals supply chain, Nigeria was seeking infrastructure, energy and other support needed to ensure that its mineral resources were not exported in their raw form.
Oduwole said the government wants Nigeria to develop its mineral value chain locally, citing lithium processing and battery manufacturing as examples.
The minister assured Nigerians that the government was not surrendering the country’s mineral resources through the framework.
“So that’s I can tell you broadly what the content of the framework is about. It’s a framework. It’s not a specific detail provisions at this time, and it’s an MOU. It’s not legally binding, but this is how countries negotiate. This is how, at the government-to-government level, we operate.
“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.
Oduwole stressed the need for Nigeria to negotiate agreements that protect the interests of Nigerian businesses while maximising the economic benefits of the country’s mineral resources.
She noted that Nigeria had waited too long to participate actively in the global critical minerals and rare earths supply chain, while other African countries, including South Africa, Zambia, the Democratic Republic of Congo and Sierra Leone, had been mining minerals for years.
The minister also said formal mining operations could create jobs for young people in communities affected by insecurity and help reduce restiveness by
