APA – Lagos (Nigeria)
Nigeria’s Solid Minerals Development Fund (SMDF) and the German firm, GeoScan GmbH of Berlin, have signed a Memorandum of Understanding (MoU) on solid mineral development in Nigeria.
Mr. Dele Alake, Nigeria’s Minister of Solid Minerals Development, told a news conference on Monday in Abuja that the agreement was signed on Sunday during the visit of German Chancellor, Mr. Olaf Scholz, to Nigeria.
He explained that the partnership with GeoScan GmbH will enable Nigeria to fully explore its solid mineral resources, which could make a substantial contribution to the country’s Gross Domestic Product (GDP).
According to him, this development will align with President Tinubu’s Renewed Hope Agenda of positioning solid minerals as a significant economic driver alongside petroleum.
He noted that the MoU is expected to advance solid minerals exploration, exploitation and judicious use of revenue accruing to the Nigerian Government.
The minister disclosed that GeoScan GmBH possesses cutting-edge technology capable of exploring mineral deposits up to 10,000 metres below the surface, which is a remarkable advancement in the field of mineral exploration.
Alake, who emphasised the cost-effectiveness of the proprietary technology, said it was 80 per cent cheaper than current exploration processes and three times faster in locating underground deposits.
“The gathering of geodata is very expensive. Now this particular technology, which is top notch, is 80 per cent cheaper than current processes in the world,” local media reports on Tuesday quoted the minister as saying.
Given Nigeria’s vast and unexplored mineral landscape, estimated at over US$ 700 billion, the Minister noted that the MoU with GeoScan GmbH presents a significant opportunity for Nigeria.
‘”We constitute about 0.02 per cent of the global mining budget. With the US$700 billion estimation of our solid minerals deposit, we still have over 90 per cent of the entire landscape of Nigeria unexplored.
‘”And because it’s an expensive business, that underscores the significance of a landmark that we recorded on Sunday with the GeoScan GmbH, supported also by the German Chancellor and our President,” he added.
The Minister also disclosed that many critical minerals, essential for the production of electric vehicles, batteries, and other advanced technological equipment, are abundant in Nigeria and that these resources can play a crucial role in the global shift toward clean and green energy.
GIK/APA
Nigerian, Germany seal deal on solid minerals exploration
