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Nigeria signs MoU with German Company, GEO-SCAN, on solid minerals exploration

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Nigeria signs MoU with German Company.webp

Nigeria has recently signed a Memorandum of Understanding (MoU) with German mining technology company, GEO-SCAN to explore accrued mineral resources across the country.

Dele Alake, the Minister of Solid Minerals Development, disclosed this information during a press briefing on Monday after the Federal Executive Council’s weekly meeting at the Presidential Villa in Abuja.

He stated that the MOU was executed under the government’s Solid Mineral Development Plan (SMDF).

He further stated that the MoU aims to promote the development of Nigeria’s solid mineral exploration, effective utilization, and responsible allocation of the generated income into the Nigerian government’s treasury.

Alake also disclosed that Nigeria’s mineral resources are conservatively estimated at $700b underground, constituting about 0.02 per cent of global mining.

His statement emphasized that the Memorandum of Understanding (MOU) comes at no cost to the Nigerian government.

Furthermore, it was highlighted that the MOU is fully supported by German Chancellor, Olaf Scholz, who is currently visiting Nigerian President, Bola Tinubu.

The Minister added that this would eventually provide opportunities for the federal government to quantify the full extent of Nigeria’s solid mineral resources.

Speaking on the gain of the company in turn, the Minister further mentioned that the company’s objective is to provide Nigeria with access to its top-notch technology, which, in turn, would have conserved significant resources that would otherwise have been spent on exploration.

He affirmed that Nigeria would in turn issue a mining license to the GEN SCAN mining company.

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