Abuja, Oct. 31, 2023: The Solid Minerals Development Fund (SMDF) and GeoScan GmbH of Berlin, Germany, have signed a Memorandum of Understanding (MoU) on solid mineral development.<\/p>\n\n\n\n
Mr Dele Alake, the Minister of Solid Minerals Development, made this known at a news conference after the Federal Executive Council (FEC) meeting, held at the Presidential Villa, Abuja.<\/p>\n\n\n\n
Alake said that the significant agreement was formalised on Sunday during the visit of German Chancellor, Olaf Scholz, to Abuja.<\/p>\n\n\n\n
He said the partnership with GeoScan GmbH would help Nigeria fully explore its solid mineral resources, which could make a substantial contribution to the country\u2019s Gross Domestic Product (GDP).<\/p>\n\n\n\n
He added that the development would align with President Tinubu\u2019s Renewed Hope Agenda of positioning solid minerals as a significant economic driver alongside petroleum.<\/p>\n\n\n\n
He said the MoU is expected to advance solid minerals exploration, exploitation, and judicious use of revenue accruing to the Federal Government.<\/p>\n\n\n\n
The minister said GeoScan GmBH possesses cutting-edge technology capable of exploring mineral deposits up to 10,000 metres below the surface, which is a remarkable advancement in the field of mineral exploration.<\/p>\n\n\n\n
Alake, who emphasised the cost-effectiveness of the proprietary technology, said it was 80 per cent cheaper than current exploration processes and three times faster in locating underground deposits.<\/p>\n\n\n\n
\u201cThe gathering of geodata is very expensive. Now this particular technology, which is top notch, is 80 per cent cheaper than current processes in the world,\u201d Alake said.<\/p>\n\n\n\n
Given Nigeria\u2019s vast and unexplored mineral landscape, estimated to be worth US$ 700 billion, the Minister noted that the MoU with GeoScan GmbH presents a significant opportunity for Nigeria.<\/p>\n\n\n\n
\u2018\u201dWe constitute about 0.02 per cent of the global mining budget. With the US$700 billion estimation of our solid minerals deposit, we still have over 90 per cent of the entire landscape of Nigeria unexplored.<\/p>\n\n\n\n
\u2018\u201dAnd because it\u2019s an expensive business, that underscores the significance of a landmark that we recorded on Sunday with the GeoScan GmbH, supported also by the German chancellor and our President.\u201d<\/p>\n\n\n\n
He said no kobo was committed on the part of Nigeria, adding that the company would establish its technology and plant in the country.<\/p>\n\n\n\n
\u201cMovement around the country will enable us to further explore all the other mineral deposits that we have,\u201d he said.<\/p>\n\n\n\n
He pointed out that many critical minerals, essential for the production of electric vehicles, batteries, and other advanced technological equipment, are abundant in Nigeria.<\/p>\n\n\n\n
He added that these resources play a crucial role in the global shift toward clean and green energy, aligning with the global trend of addressing climate change.<\/p>\n\n\n","protected":false},"excerpt":{"rendered":"
Abuja, Oct. 31, 2023: The Solid Minerals Development Fund (SMDF) and GeoScan GmbH of Berlin, Germany, have signed a Memorandum of Understanding (MoU) on solid mineral development. Mr Dele Alake, the Minister of Solid Minerals Development, made this known at a news conference after the Federal Executive Council (FEC) meeting, held at the Presidential Villa, […]<\/p>\n","protected":false},"author":2,"featured_media":24192,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[949,235],"tags":[308],"class_list":["post-53770","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-resources","tag-minerals","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\n