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Nigeria, German Tech Company Sign $700bn Solid Minerals Exploration Pact

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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.

Solid Minerals Development Minister Dele Alake, who broke the news, said the agreement is on the exploration and exploitation of mineral deposits in the country.

Alake dropped the hints while chatting with State House reporters after yesterday’s Federal Executive Council (FEC) meeting in Abuja.

The minister, who explained that his briefing was not a FEC outcome, but just an announcement of a significant achievement, said the agreement was formalized in Abuja on Sunday when German Chancellor, Olaf Scholz, visited.

Highlighting the significance of the Memorandum of Understanding (MoU), Alake said the development will advance solid minerals exploration, exploitation, and judicious use of the revenue accruing to the federal government.

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.

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.

“The gathering of geo-data is very expensive. Now this particular technology, which is top notch, is 80% cheaper than current processes in the world, three times faster to locate deposits down underground”, the minister said.

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.

He said: “We constitute about 0.02% of the global mining budget. With the $700 billion estimation of our solid minerals deposit, we still have over 90% of the entire landscape of Nigeria unexplored.

“And because it’s an expensive business, it underscores the significance of a landmark that we recorded yesterday with the GeoScan GmbH supported also by the German chancellor and our president.

“I’m happy to tell you that there’s no kobo commitment on the part of Nigeria. The company will establish its technology and plant here and move around the country enable us to further explore all the other mineral deposits that we have.”

The minister noted that many critical minerals, essential for the production of electric vehicles, batteries, and other advanced technological equipment, are abundant in Nigeria.

He said: “These resources play a crucial role in the global shift toward clean and green energy, aligning with the global trend of addressing climate change.

“The partnership with GeoScan GmbH will help Nigeria fully explore its solid mineral resources, which can make a substantial contribution to the country’s Gross Domestic Product (GDP), aligning with President Tinubu’s Renewed Hope Agenda of positioning solid minerals as a significant economic driver alongside petroleum.”

The MoU was signed by Oliver Haeggberg, CEO of GeoScan GmbH, Germany and Executive Secretary and Chief Executive Officer (CEO) of Solid Minerals Development Fund (SMDF), Fatima Shinkafi, who represented Nigeria.

Haeggberg was part of the business delegation that accompanied the German Chancellor during his official visit to the country.

The delegation met with President Tinubu and the Nigerian delegation at the Business-to-Government (BTG) roundtable meeting in Abuja at the weekend.

 

Credit: The Nation

BIG STORY

Tinubu To Hold First Presidential Media Chat Tonight

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President Bola Tinubu’s inaugural media chat is set to be broadcast on the Nigerian Television Authority (NTA) and the Federal Radio Corporation of Nigeria (FRCN).

In a statement, Bayo Onanuga, the presidential spokesperson, confirmed that the media chat will be aired at 9 p.m. today.

“The first Presidential Media Chat with President Bola Ahmed Tinubu will be broadcast at 9 p.m. on Monday, December 23, on the Nigerian Television Authority and Federal Radio Corporation of Nigeria,” the statement reads.

All television and radio stations are encouraged to tune in to the broadcast.

This marks Tinubu’s first media chat since he assumed office on May 29, 2023.

During the chat, Tinubu will respond to questions from a panel of journalists on national matters, including his economic policies, security, and other key issues.

The tradition of presidential media chats began during the tenure of former President Olusegun Obasanjo.

The practice was continued by the administrations of Umaru Musa Yar’Adua and Goodluck Jonathan.

However, under the administration of former President Muhammadu Buhari, the frequency of the presidential media chats declined.

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IGP Didn’t Ask Nigerians To Beat Up Officers During Stop-And-Search — Police

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The Nigeria Police Force (NPF) has clarified that Kayode Egbetokun, the inspector-general of police, did not instruct Nigerians to pummel officers during stop-and-search operations.

In a statement on Monday, Muyiwa Adejobi, the force spokesperson, emphasized that Egbetokun has never endorsed violence against law enforcement agents.

Adejobi added that the blog post suggesting otherwise was entirely fabricated.

“The Nigeria Police Force wishes to address a viral fake news story that has emerged, claiming that Inspector-General of Police, IGP Kayode Adeolu Egbetokun, has instructed citizens to physically assault and throw stones at police officers who request to search their phones,” the statement reads.

“This claim is entirely false and has no basis in reality. The IGP has not issued any such directive encouraging violence against law enforcement officers.”

“Instead, he has called on citizens to report instances of police misconduct through appropriate channels.”

“This approach underscores the importance of accountability and maintaining the rule of law, rather than resorting to violent actions.”

“Members of the public are urged to make use of the following Police helplines & contacts to lay complaints whenever necessary: +2347056792065, +2349133333785, +2349133333786, @PoliceNG on X, @ngpolice on Facebook, and @nigeriapoliceforce on Instagram.”

“Citizens can also contact us by mail through; [email protected] and reach us through the police website at npf.gov.ng.”

Recently, Egbetokun instructed police officers to stop arbitrary arrests and cease searching the smartphones of Nigerians.

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Federal Government Declares Public Holiday For Christmas, New Year Celebrations

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The federal government has declared December 25-26, and January 1, 2025, as public holidays.

The public holidays are to commemorate the “Christmas,” “Boxing Day,” and “New Year’s Day” celebrations, respectively.

Olubunmi Tunji-Ojo, the minister of interior, announced the dates in a statement signed by Magdalene Ajani, the ministry’s permanent secretary.

He extended his greetings to Nigerians for the holidays and encouraged them to use the festive period to reflect on the values of “love,” “peace,” and “unity” that the season signifies.

He further emphasized that the yuletide is a time to foster harmony and strengthen bonds across families and communities.

“The Christmas season is a good moment for both spiritual reflection and national renewal. As we celebrate the birth of Jesus, the Prince of Peace, let us demonstrate kindness and extend goodwill to one another, irrespective of our differences,” the statement reads.

The minister also urged Nigerians to remain committed to the peace, unity, and progress of the nation.

He assured citizens of the federal government’s commitment to peace, security, and prosperity across the nation.

Tunji-Ojo added that the “Renewed Hope Agenda” of the President Bola Tinubu administration will usher in a prosperous economy that will be the envy of the world.

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