The Federal Government and a Germany geo-scientific technology company – GeoScan GmbH based in Berlin have signed a pact that will stimulate the exploration of Nigeria’s mineral deposits worth more than $700 billion.Alake dropped the hints while chatting with State House reporters after yesterday’s Federal Executive Council meeting in Abuja.
According to the minister, GeoScan GmBH has the cutting-edge technology capable of exploring mineral deposits up to 10,000 meters below the earth surface. Given Nigeria’s vast and unexplored mineral landscape, estimated to be worth around $700 billion, the minister noted that the MoU with GeoScan GmbH presents a significant opportunity for the country.
The minister noted that many critical minerals, essential for the production of electric vehicles, batteries, and other advanced technological equipment, are abundant in Nigeria. The MoU was signed by Oliver Haeggberg, CEO of GeoScan GmbH, Germany and Executive Secretary and Chief Executive Officer of Solid Minerals Development Fund , Fatima Shinkafi, who represented Nigeria.
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