Solid Minerals Development Minister Dele Alake has refuted the rumour that Nigeria sold $700 billion worth of its solid minerals or surrendered its national security architecture to the United States.
He described the reports as products of a ‘riotous imagination’.
Refuting the claims in Abuja Alake stated unequivocally that no Nigerian asset was exchanged or ceded 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 during the panel’s inauguration Alake explained that the Memorandum of Understanding (MoU) between both nations was 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… We created a platform to facilitate mingling of U.S. 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’ he said.
Dispelling reports that Washington was set to take over the nation’s mineral wealth and security operations the minister stated that such assertions were false.
‘The reports claiming the U.S. was coming to take over Nigeria’s minerals and security architecture were untrue at best and products of riotous imagination at worst’ Alake said.
Detailing the economic philosophy behind the alliance the minister noted that the administration of President Bola Ahmed Tinubu was determined to end Africa’s long history of unfavorable terms in global trade.
He said 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.
‘Africa has historically held the short end of the stick in global economic transactions and Nigeria is determined to change that model’ he said.
‘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 with our natural resources and create a win-win situation. The investor gains Nigeria gains.’
To make the vision a reality Alake said the Federal Government had made in-country processing mandatory for all foreign and local investors.
The minister stressed that the era of raw ores being carted ‘from pit to port’ without value addition was over.
He said the government strictly refused mineral titles to applicants without a clear pathway to domestic processing.
According to him this policy shift has already spurred significant investments including West Africa’s largest lithium processing facility in Nasarawa State.
Alake urged the newly inaugurated committee to execute its duties with diligence imploring its members to identify high-value investment opportunities and translate 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 in the ministry Faruk Yusuf Yabo said the committee provides a structured mechanism to turn growing diplomatic talks into tangible investments.
The Economic Officer at the U.S. Embassy Jonathan Baas stated that Washington’s intent is 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.
The U.S. envoy listed energy artificial intelligence and critical minerals as priority investment focus areas.
The Managing Director and CEO of the Nigeria Solid Minerals Company (NSMC) Martins Imonitie assured the government that the committee would coordinate the implementation and track progress to position Nigeria as a major global player in the solid minerals sector.