Nigeria has signed a framework with the United States to develop its mineral resources, estimated at $700 billion. The agreement, signed by Minister of Solid Minerals Development Dele Alake and US Deputy Secretary of State Christopher Landau, covers geological data, exploration, mineral development, and technical capacity. The government has been urged to proceed with caution to avoid repeating the mistakes of the oil sector. The $700 billion represents the estimated value of underground mineral wealth, not direct funding.
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