Nigeria and Germany sign seven hundred billion dollars solid minerals exploration pact.
Written by Idongesit Atakpa on October 31, 2023
Federal Government and a Germany geo-scientific technology company based in Berlin have signed a pact. The duo says it will stimulate the exploration of Nigeria’s mineral deposits worth more than seven hundred billion naira.
Minister of Solid Minerals Development, Dele Alake, who dropped the hints while briefing State House reporters after yesterday’s Federal Executive Council, FEC meeting in Abuja, said the agreement is on the exploration and exploitation of mineral deposits in the country.
The minister explained that his briefing was not a FEC outcome, but just an announcement of a significant achievement, and that the agreement was formalized in Abuja on Sunday when German Chancellor, Olaf Scholz, visited.
Highlighting the significance of the Memorandum of Understanding, Alake said the development will advance solid minerals exploration, exploitation, and judicious use of the revenue accruing to the federal government.
Describing the feat as a remarkable advancement in the field of mineral exploration, Alake emphasized the cost-effectiveness of the proprietary technology, which he said, is 80% cheaper than current exploration processes and three times faster in locating underground deposits.