The Minister of Solid Minerals Development, Dr Dele Alake, has refuted rumours that Nigeria sold $700 billion worth of its solid minerals or surrendered its national security architecture to the United States, describing the reports as products of a “riotous imagination.” NigerianNews Updates
Refuting the claims in Abuja, Alake stated unequivocally that Nigeria has not exchanged or ceded any asset under any bilateral arrangement.
The Minister spoke during the inauguration of the Nigeria-United States Committee on Strategic Cooperation in the Solid Minerals Sector.
Addressing critics at the panel’s inauguration, Alake clarified that the Memorandum of Understanding (MoU) signed between the two nations is purely a government-to-government framework designed to connect American capital with local operators—not a transfer of national assets.
“There is no sale of any Nigerian asset. There’s nothing exchanging hands,” Alake declared forcefully. “We created a platform to facilitate mingling of US investment ventures with Nigeria’s local operators. It is in the public domain. We signed it in public and published it in four or five national newspapers.”
Dispelling reports that Washington was set to take over the nation’s mineral wealth and security operations, the Minister declared the assertions completely false.
“The reports claiming the US was coming to take over Nigeria’s minerals and security architecture were untrue at best and products of riotous imagination at worst,” Alake stated.
Detailing the economic philosophy behind the alliance, the Minister said President Bola Ahmed Tinubu’s administration is determined to end Africa’s long history of unfavourable terms in global trade.
He explained that Nigeria holds key critical minerals needed for the global clean energy transition and is leveraging them to forge equitable partnerships rather than selling raw assets.
Read Also: ECOWAS Mission Begins Consultations Ahead of 2027 Elections
“Africa has historically held the short end of the stick in global economic transactions, and Nigeria is determined to change that model,” he explained. “We have the resources, the critical elements the world needs to transition to clean energy. So, we are creating a new paradigm — you bring your capital, expertise and technology to match our natural resources and create a win-win situation. The investor gains, Nigeria gains.” NigerianNews Updates
To enforce this vision, Alake reaffirmed that the Federal Government has made in-country processing mandatory for all foreign and local investors. Emphasizing that the era of raw ores being carted “from pit to port” without value addition is over, noting that the government now strictly refuses mineral titles to applicants without a clear pathway to domestic processing.
He said this policy shift has already spurred significant investments, including West Africa’s largest lithium processing facility in Nasarawa State.
Charging the newly inaugurated committee to execute its duties with diligence, Alake tasked members with identifying high-value investment opportunities and translating the bilateral framework into measurable outcomes to help achieve President Tinubu’s $1 trillion national economy target.
Reinforcing the Minister’s stance, the Permanent Secretary of the Ministry, Engr. Faruk Yusuf Yabo, noted that the committee provides a structured mechanism to turn growing diplomatic talks into tangible investments.
For his part, the Economic Officer at the US Embassy, Jonathan Baas, affirmed that Washington intends to build secure supply chains while ensuring host nations capture value from their resources.
“We just signed a contract today on looking into building AI data centres in Nigeria at the Nigerian Economic Summit. That’s the direction Washington wants us to go,” Baas said, pointing to energy, artificial intelligence, and critical minerals as priority investment focus areas. NigerianNews Updates
The Managing Director and CEO of the Nigeria Solid Minerals Company (NSMC), Martins Imonitie, then assured the government that the committee would coordinate implementation and track progress to position Nigeria as a major global player in the solid minerals sector.
