Nigeria, Germany sign $500M Renewable Energy, Gas Export Agreements
We are well primed to attract foreign direct investments, says President Bola Tinubu
Nigeria and Germany on Tuesday signed two Memoranda of Understanding (MoU) for the supply of gas from Nigeria to Germany and $500 million worth of renewable energy projects in Nigeria.
Speaking in Berlin, Germany, at the 10th German-Nigerian Business Forum, Nigeria’s President Bola Tinubu, who witnessed the signing of the MoU, said that with a resilient democracy, Nigeria is well primed to attract foreign direct investments.
According to a statement by the Presidency, the signing of MoUs was between Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany on the gas export partnership, while the other signed pact brought together Union Bank of Nigeria and DWS Group on cooperation in renewable energy.
It further stated that the CEO of GasInvest, Mr. David Ige, who signed the MoU on gas supply, said the Riverside LNG project aims to supply energy from Nigeria to Germany, extinguishing about 50 million cubic feet per day of flared gas in Nigeria.
”The project will supply energy from Nigeria to Germany at 850,000 tonnes per annum, expanding to 1.2 million tonnes per annum.
”The first gas will leave Nigeria for Germany in 2026, and there will be further expansion. This will extinguish about 50 million cubic feet per day of flared gas in Nigeria and open alleyways of new and greater exports of gas to Germany,’’ he said.
The German partners expressed confidence in investing in Nigeria’s gas sector, the statement added.
Chief Operating Officer of Johannes Schuetze Energy Import AG, Mr. Frank Otto described the partnership as a “big deal” for the German market.
Similarly, the Chairman of Union Bank, Mr. Farouk Gumel, disclosed the commitment of $500 million for e-energy projects in Nigeria, emphasizing the importance of rural inclusion and bringing more people into the formal economy.
”We believe this would bring rural inclusion and capture more people into the formal economy. Without inclusion, there is no growth. Thank you, Mr. President,” Mr. Gumel said.
Welcoming the new deals, President Tinubu assured German businesses that with Nigeria’s stable political landscape, foreign investments into the country are secure.
“Since 1999, we have witnessed changes in democratic governance, with peaceful transfers of power within and between parties. Democracy in Nigeria has proven to be flexible and resilient. Shake off any remnants of the military era syndrome; we have moved beyond that. Despite challenges faced by other African nations, Nigeria stands firm, and we are your partners,” the President said.
During his meeting with President Tinubu in Abuja in October, German Chancellor Olaf Scholz pledged more investments in Nigeria’s vital minerals and energy sectors.
