Nigeria eyes $700bn revenue from solid minerals, signs deal with Germany

The Republic of Germany and the Federal Government have reached an agreement for the exploration and exploitation of mineral reserves, which are expected to bring in over $700 billion for the nation.


This was revealed to media by Minister of Solid Minerals Development Dele Alake soon after President Bola Tinubu chaired Monday’s Federal Executive Council meeting.

Alake stated that the Memorandum of Understanding (MOU) to that effect has been signed, and that the Federal Government finalized the agreement during German Chancellor Otaf Scholz’s visit on Sunday.

The Minister also revealed that the Germans are bringing in the newest technology for exploration, stating that the apparatus can find mineral reserves 10,000 meters below the surface.

“You are aware of the German Chancellor’s visit to Nigeria, right? He came in to, of course, strengthen bilateral relations between Germany and Nigeria,” Alake remarked.

“My Ministry has been in communication with a few German high-tech enterprises for a considerable amount of time. The German Chancellor’s visit on Sunday emphasized how crucial it is to improve bilateral ties, particularly those that are socioeconomic.

I’m happy to announce that the Ministry of Solid Minerals broke a record by signing a Memorandum of Understanding (MOU) through the Solid Minerals Development Fund with one of the best geoscientific technology companies in the world, Geo-scan GmbH. The German company was also part of the German Chancellor’s delegation.

The fact that this company possesses cutting-edge, unique technologies for exploration makes this momentous occasion significant. It indicates that you can see the mineral deposits that are present all the way down to 10,000 meters. If you are well-versed in the field of solid minerals, you are aware that the processes involved in exploration, exploitation, and extraction are costly. Even collecting geodata is incredibly costly.

“With this estimated $700 billion for our solid minerals deposit, we still have over 90% of Nigeria’s entire landscape unexplored,” he continued. Since it’s an expensive venture, it highlights the importance of the historic agreement we reached yesterday with Geo-Scan GmbH, which is backed by our President, the German Chancellor, and—I’m delighted to report—no kobo commitment from Nigeria. The corporation will come, set up shop here, develop its technology, and then relocate throughout the nation to allow us to continue exploring all of our remaining mineral resources.