The Federal Government (FG) has announced its intention to collaborate with the United States to explore financing options for mining firms and infrastructure in Nigeria.
The partnership is expected to be mutually beneficial for both countries.
The Minister of Solid Minerals, Dele Alake, shared this information in a statement on his Twitter handle after a meeting with the US Assistant Secretary for Energy and Natural Resources, Geoffrey Pratt, in London, United Kingdom.
According to Alake, Mr. Pratt expressed his commitment to coordinating with relevant agencies to develop a framework for the partnership.
The Minister further stated that, due to the United States’ institutions and laws encouraging direct foreign investment, they agreed to establish a team comprising officials from both countries to explore financing options, including credit for mining firms and infrastructure.
Alake also revealed that the focus of the U.S Secretary is on the establishment of the new Solid Minerals Development Company, enhanced security measures for mining operations, and extensive data generation to reduce risks in the sector.
He emphasized that energy minerals like lithium are crucial for the global clean energy movement and the production of electric cars.
He noted that the credit facility and foreign direct investment promised by the United States would be mutually beneficial for both countries.
News About Nigeria gathered that this is not the first attempt by this administration to collaborate on renewable energy.
Recently, a US-based renewable energy firm announced its intention to support President Bola Tinubu’s administration with a $2.2 billion investment to provide vital power infrastructure for Nigeria. The investment is targeted at exploring solar energy in the country.