The Federal Government and the United States have signed an agreement to deepen American investment in Nigeria's mining sector and promote the development of the country's mineral resources.

The agreement was signed by the Minister of Solid Minerals Development, Dele Alake, and the US Deputy Secretary of State, Christopher Landau, at the Nigeria Mission House in New York on Wednesday. The signing took place on the sidelines of the 81st United Nations General Assembly.

Alake said the framework will cover geological data and exploration, mineral development and processing, infrastructure, and technical capacity.

According to the Minister, Nigeria's mineral resources are estimated by the government at about 700 billion dollars.

Alake said the agreement would help Nigeria move beyond exporting raw materials by promoting local processing, creating quality jobs, strengthening skills and expanding opportunities for Nigerian businesses.