*Dr. Oladele Alake, Minister for Solid Minerals Development, discloses the fresh partnership and Memorandum of Understanding with GeoScan GmbH of Berlin, in Germany, will support Nigeria to advance solid minerals exploration, and聽 exploitation of the country’s solid mineral resources towards making a substantial contribution to the Gross Domestic Product

Isola Moses | 绿帽献妻

In a bid to actualise the key objectives of the new roadmap for sector development, the Federal Government, through the Solid Minerals Development Fund (SMDF) and GeoScan GmbH of Berlin, in Germany, have signed a Memorandum of Understanding (MoU) yo advance the sector of the Nigerian economy.

绿帽献妻 reports Dr. Oladele Alake, Honourable Minister for Solid Minerals Development, disclosed this at a news conference after the Federal Executive Council (FEC) meeting, held Monday, October 30, 2023, at the Presidential Villa, Abuja, FCT.

Dr. Alake said that the significant agreement was formalised Sunday, October 29 during the visit of German Chancellor, Olaf Scholz, to Abuja.

The Minister noted the partnership with GeoScan GmbH would help Nigeria fully explore its solid mineral resources, which could make a substantial contribution to the country鈥檚 Gross Domestic Product (GDP).

He also stressed that the agreement would align with President Bola Ahmed Tinubu鈥檚 Renewed Hope Agenda of positioning solid minerals industry as a significant economic driver alongside petroleum in the economy.

The MoU is expected to advance solid minerals exploration, exploitation, and judicious use of revenue accruing to the Federal Government, stated the Minister.

Alake further affirmed German 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.

As regards the cost-effectiveness of the proprietary technology, the Minister for Solid Minerals Development said it was 80 percent cheaper than current exploration processes, and three times faster in locating underground deposits.

He also explained: “The gathering of geodata is very expensive. Now this particular technology, which is top notch, is 80 percent cheaper than current processes in the world.”

According to him, against the backdrop of Nigeria鈥檚 huge but unexplored solid minerals ecosystem, estimated to be worth US$ 700 billion, the Minister noted that the fresh MoU with GeoScan GmbH presents a significant opportunity for Nigeria.

He stated: “We constitute about 0.02 percent of the global mining budget. With the US$700 billion estimation of our solid minerals deposit, we still have over 90 percent of the entire landscape of Nigeria unexplored.

According to him, these resources play a significant role in the global shift towards clean and green energy, aligning with the global trend of addressing climate change.

“And because it鈥檚 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.鈥�

The Minister, however, disclosed that no kobo was committed to the MoU on the part of Nigeria.

The German company will establish its technology and plant in the Wet African country, said he.

Alake noted the “movement around the country will enable us to further explore all the other mineral deposits that we have.”

Several critical minerals essential for the production of electric vehicles, batteries, and other advanced technological equipment, are abundant in Nigeria, Alake asserted.