BrandArena: Nigeria and Germany Agree on $700 million Solid Minerals Exploration Plan

Thursday 2 November 2023

Nigeria and Germany Agree on $700 million Solid Minerals Exploration Plan

The Federal Government of Nigeria and GeoScan GmbH, a German geo-scientific technology company based in Berlin, have agreed to promote the exploration of Nigeria's mineral resources valued at more than $700 million.

The deal, according to Solid Minerals Development Minister Dele Alake, is for the exploration and utilisation of mineral reserves in the country.

The minister disclosed this to the State House reporters during the Federal Executive Council (FEC) meeting in Abuja.

The minister, who stressed that his briefing was not an FEC outcome, but rather a statement of a key achievement, stated that the deal was formalised in Abuja on Sunday during the visit of German Chancellor Olaf Scholz.

Alake emphasised the importance of the Memorandum of Understanding (MoU), saying it will boost solid minerals discovery, exploitation, and prudent use of money going to the federal government.

GeoScan GmBH, according to the ministry, has cutting-edge technology capable of investigating mineral reserves up to 10,000 metres below the earth's surface.

Alake noted the cost-effectiveness of the unique technique, which he claims is 80% cheaper than existing exploration processes and three times faster in discovering subsurface reserves.

"Geodata collection is quite expensive. Now, this cutting-edge technology is 80% cheaper than current global techniques and three times faster at locating minerals underground, according to the minister.

Given Nigeria's huge and untapped mineral terrain, which is estimated to be worth approximately N700 billion, the minister stated that the MoU with GeoScan GmbH represents a significant opportunity for the country.

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