Nigeria and the United States have signed an agreement aimed at increasing American investment in Nigeria’s mining sector and developing the country’s mineral resources.

The agreement was signed in New York by the Minister of Solid Minerals Development, Dele Alake, and US Deputy Secretary of State, Christopher Landau.

The framework will focus on geological data and exploration, mineral development and processing, infrastructure, as well as technical capacity.

Alake said Nigeria’s mineral resources are estimated at about 700 billion dollars and stressed the need for more local processing instead of exporting raw materials.

He added that the government plans to turn the agreement into specific projects and investments that will create jobs, strengthen skills and provide more opportunities for Nigerian businesses.

The deal comes as the Federal Government steps up efforts to attract foreign investment and increase local value addition in the solid minerals sector.