The Federal Executive Council of Nigeria has granted approval for the engagement of the German company, GeoScan GmbH, to locate the estimated $700 billion worth of solid minerals in the country. The Memorandum of Understanding with GeoScan GmbH was signed during a business visit by German Chancellor Olaf Scholz to President Bola Tinubu.
The collaboration is expected to advance mineral exploration, exploitation, and the effective utilization of revenue for the federal government. GeoScan GmbH possesses cutting-edge technology capable of exploring mineral deposits up to 10,000 meters below the surface, making it 80% more cost-effective and three times faster than current exploration methods. Nigeria, with its vast unexplored mineral landscape, holds significant potential with this partnership. It is estimated that over 90% of Nigeria’s mineral deposits remain unexplored.
The partnership aligns with global trends in clean and green energy and can significantly contribute to Nigeria’s Gross Domestic Product (GDP). The CEO of GeoScan GmbH, Oliver Haeggberg, and Fatima Shinkafi, the Executive Secretary and CEO of SMDF, represented Nigeria in signing the MOU. This collaboration marks a significant development in mineral exploration for Nigeria, making it more cost-effective and efficient.