On the sidelines of the German Chancellor’s visit to Nigeria to strengthen bilateral relations between both countries, the Ministry of Solid Minerals Development through the Solid Minerals Development Fund today signed a collaboration agreement with GeoScan Gmbh to advance the exploration of critical minerals using innovative proprietary technology. Senior Government officials and business leaders from both countries witnessed the signing.

Over 90 per cent of Nigeria remains underexplored, with significant potential to discover new and increase existing deposits. Nigeria accounts for only 0.02% of the global mining exploration budget, so there is a need to look at more innovative methods of catalysing exploration.

GeoScan is a leading technology company exploring natural resources 10,000 meters below the surface. Using its proprietary technology, gScan™ - the superior new generation, disruptive technology for exploration - and its combination with artificial intelligence and advanced statistics, it can provide exploration with industry-leading accuracy at zero environmental impact. gScan is 80% cheaper, three times faster and more reliable by half than conventional approaches.GeoScan has completed over 100 projects worldwide for clients, including Lukoil and Volkswagen.

The transition toward a green and digital economy has increased reliance on critical metals. These are essential components in computers, smartphones, electronic components, solar cells, batteries, and electric motors. Global extraction of these materials is limited to a few countries, among which Nigeria presents enormous potential. A Nigeria-German partnership on the sourcing, exploration and development of critical minerals can give Germany a competitive advantage in the energy transition race.

The transition to the ’net-zero age’ is particularly materials-intensive. An electric car requires, on average, six times the mineral inputs of a conventional car and an onshore wind plant nine times the mineral resources of a gas-fired power plant of the same capacity. In the net zero emissions scenario, the demand for critical minerals will grow 3.5 times by 2030. Nigeria can provide a sourcing alternative for Germany and, by extension, the European Union.

Dr Oladele Alake Henry, Honourable Minister of Solid Minerals Development, said: "This signing shows the Ministry of Solid Minerals Development’s desire to work with like-minded partners such as GeoScan to attract and leverage new technologies to catalyse exploration and integrate supply chains. Nigeria is a credible partner for Germany’s energy transition plan, and together, we can achieve the net- zero emissions goal. This collaboration aligns with the Renewed Hope Agenda and the Ministry’s Transformation Agenda of leveraging the mining sector to catalyse economic growth, competitiveness, and job creation. This agreement with Geoscan Gmbh exemplifies how Nigeria and Germany can work together to achieve mutual energy transition goals and partner to develop and source critical energy transition raw materials."