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Nigeria Approves Partnership with German Firm to Unlock $700 Billion Solid Minerals

Nigeria’s Federal Executive Council (FEC) has given its nod to a partnership with Germany’s GeoScan GmbH.

The collaboration aims to explore and exploit an estimated $700 billion worth of solid minerals buried beneath Nigerian soil.

The Memorandum of Understanding (MoU) with GeoScan GmbH was inked during a business visit to Nigeria by German Chancellor Olaf Scholz. The technology-driven firm boasts cutting-edge tools capable of surveying mineral deposits buried as deep as 10,000 meters beneath the earth’s surface.

According to Minister of Solid Minerals Dele Alake, this cutting-edge technology is not only highly advanced but also cost-effective.

He revealed that it’s about 80% more affordable than current exploration methods and three times faster at pinpointing underground mineral deposits.

With Nigeria holding an estimated $700 billion in untapped mineral wealth and the majority of its landmass unexplored, this partnership presents an invaluable opportunity.

The investment does not require financial commitments from Nigeria as GeoScan GmbH will establish its technology and operations within the country.

Many critical minerals found in Nigeria are vital for electric vehicle production, batteries, and advanced technological devices.

These resources align with the global shift toward clean and green energy solutions, supporting the fight against climate change.

Minister Alake emphasized the pivotal role solid minerals can play in Nigeria’s economy, aligned with President Bola Tinubu’s Renewed Hope Agenda, which aims to make solid minerals a significant economic contributor alongside petroleum.

The historic partnership between Nigeria and GeoScan GmbH holds the promise of unlocking the nation’s vast mineral wealth, propelling the country towards a brighter economic future.

Oliver Haeggberg, CEO of GeoScan GmbH, Germany, and Fatima Shinkafi, the Executive Secretary and Chief Executive Officer (CEO) of SMDF, represented Nigeria at the signing of the MOU.

Haeggberg was part of the business delegation accompanying Chancellor Scholz during his official visit to Nigeria, where high-level discussions between the German and Nigerian delegations took place.