Nigeria and Germany have signed a Memorandum of Understanding (MoU) on the development of solid minerals. The agreement was formalized during the visit of German Chancellor, Olaf Scholz, to Abuja, Nigeria. The MoU was signed by GeoScan GmbH of Berlin, Germany, and Nigeria’s Solid Minerals Development Fund (SMDF). The Minister of Solid Minerals Development, Dele Alake, highlighted the significance of the MoU, stating that it will advance solid minerals exploration and exploitation in Nigeria. He also praised GeoScan GmbH for its state-of-the-art equipment that allows for the exploration of mineral reserves up to 10,000 meters below the surface. The minister emphasized the cost-effectiveness of this technology, which is three times faster and 80% cheaper than existing exploration techniques. With Nigeria’s vast and unexplored mineral landscape estimated to be worth around $700 billion, the MoU presents a significant opportunity for the country. The minister noted that Nigeria currently constitutes only 0.02% of the global mining budget, and there is still over 90% of the country’s mineral landscape that remains unexplored. By partnering with GeoScan GmbH, Nigeria aims to fully explore its solid mineral resources and boost its GDP. The minister also highlighted the importance of these resources in the global transition towards clean and green energy. The MoU was signed by Oliver Haeggberg, CEO of GeoScan GmbH, and Fatima Shinkafi, the Executive Secretary and CEO of SMDF.
