Nigeria and Germany Ink Deal to Boost Solid Minerals Development
Nigeria has recently entered into a significant agreement with the well-known German mining technology company GEO-SCAN. The partnership aims to conduct extensive exploration for untapped mineral resources scattered throughout the country. The Memorandum of Understanding (MoU) was officially signed through the Solid Mineral Development Plan (SMDF) of the Nigerian government.
During a press briefing held after the weekly Federal Executive Council meeting at the Presidential Villa Abuja, the Minister of Solid Minerals Development, Dele Alake, highlighted the potential impact of the MoU on Nigeria’s solid minerals sector. He emphasized that the collaborative effort between Nigeria and Germany would play a pivotal role in advancing the exploration, exploitation, and efficient management of the country’s mineral resources.
The minister pointed out that Nigeria’s mineral resources are estimated to be worth a staggering $700 billion and currently represent only about 0.02 percent of global mining. With this in mind, the MoU with GEO-SCAN aims to pave the way for significant advancements in the nation’s mining sector. By leveraging the cutting-edge technology and expertise of the German company, Nigeria plans to fully harness its diverse mineral resources.
According to Alake, the strategic alliance with GEO-SCAN is a groundbreaking development for Nigeria’s solid minerals industry. The German company is set to establish its presence across the country, allowing for a comprehensive survey of Nigeria’s mineral deposits. This initiative is expected to provide the federal government with a comprehensive assessment of the country’s solid mineral reserves.
One of the key highlights of the partnership is the significant cost advantage associated with the technology provided by GEO-SCAN. The minister underscored that the innovative approach is not only 80 percent cheaper than current exploration processes but also three times faster in locating mineral deposits. This cost-efficient method will enable Nigeria to conduct extensive exploration at a fraction of the current expenses.
Furthermore, Alake emphasised the potential benefits of the collaboration, particularly in the context of critical minerals and their increasing global demand. He noted that Nigeria stands to gain from the rising need for critical metals, which are abundant within the country. These minerals are essential for various modern technologies, including electric vehicles, batteries, and electronic components.
In addition, the minister highlighted that Nigeria still has over 90 percent of its entire landscape unexplored, despite the estimated solid minerals deposit. The MoU with GEO-SCAN holds the promise of unlocking significant untapped potential within the country, thereby positioning Nigeria as a key player in the global mining sector.
As part of the agreement, GEO-SCAN aims to provide Nigeria with access to its advanced technology, effectively saving substantial resources that would have been otherwise expended on exploration. In return, Nigeria is expected to grant mining licences to the German company, allowing for the responsible extraction of mineral resources. This mutually beneficial arrangement is poised to bolster Nigeria’s mining industry while also fostering a fruitful partnership between the two nations.
The collaboration between Nigeria and Germany marks a significant milestone in the country’s quest to fully harness its abundant mineral resources. With the innovative technology and expertise brought forth by GEO-SCAN, Nigeria is poised to make substantial strides in the exploration and sustainable exploitation of its solid minerals, ultimately contributing to the nation’s economic development and global competitiveness.
