Nigeria and the United States have signed a framework agreement aimed at deepening US investment in the West African country’s mining sector, Nigeria’s solid minerals minister Dele Alake said on Thursday.

The agreement, signed in New York on Wednesday by Alake and US Deputy Secretary of State Christopher Landau, covers geological data, mineral exploration, mineral development and processing, infrastructure, and technical capacity building

The deal follows Washington’s push to strengthen ties with mineral-producing countries and diversify supply chains for critical minerals used in technologies such as electric vehicle batteries and renewable energy infrastructure

Nigeria estimates its mineral resources are worth about $700 billion and is seeking to diversify the economy away from oil

“Nigeria cannot remain a source of raw materials while others capture most of the value. We want more local processing, quality jobs, stronger skills and greater opportunities for Nigerian businesses,” Alake said in a statement

Nigeria hopes the partnership will help attract investment into its largely underdeveloped mining industry, including the emerging lithium sector, where Chinese companies have been among the most active foreign investors