The Nigeria Solid Minerals Development Fund (SMDF) and GeoScan GmbH of Berlin, Germany, have inked a Memorandum of Understanding (MoU). The agreement, formalized during the visit of German Chancellor Olaf Scholz to Nigeria, marks a pivotal moment in the exploration and utilization of Nigeria’s solid mineral deposits.
The MoU was signed by Oliver Haeggberg, the CEO of GeoScan GmbH, and Fatima Shinkafi, the Executive Secretary and CEO of SMDF, representing Nigeria. Haeggberg was part of the German business delegation that accompanied Chancellor Scholz during his official visit to Nigeria, where he engaged in discussions with President Bola Tinubu and the Nigerian delegation at the Business to Government roundtable meeting.
Dele Alake, the Minister of Solid Minerals Development, disclosed the details of this partnership after a Federal Executive Council meeting chaired by President Bola Tinubu in Abuja. According to Alake, this MoU signifies a significant advancement in solid minerals exploration, exploitation, and the judicious utilization of revenue generated for the federal government.
Alake emphasized the immense potential of Nigeria’s solid mineral sector, pointing out that the country constitutes only about 0.02% of the global mining budget. Despite this relatively small share, Nigeria boasts an estimated $700 billion worth of solid mineral deposits, with over 90% of the country’s mineral landscape remaining unexplored.
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This partnership with GeoScan GmbH, supported by both the German Chancellor and the Nigerian President, promises to revolutionize solid mineral exploration. Notably, there is no financial commitment required from Nigeria. GeoScan GmbH will establish its technology and plant in Nigeria, enabling comprehensive exploration of the country’s mineral deposits.
This landmark agreement is expected to open up new possibilities for Nigeria’s solid mineral sector, creating opportunities for economic growth and development while harnessing the country’s vast mineral wealth. It exemplifies the potential for international collaboration to unlock the hidden treasures beneath Nigeria’s soil.
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