Nigeria, Germany sign $500m renewable energy, gas deals

The burgeoning economic partnership between Nigeria and Germany witnessed further expansion and strengthening yesterday as two important agreements were signed among businesses from both countries.

Speaking at the 10th German-Nigerian Business Forum in Berlin, Germany, President Bola Tinubu said with resilient democracy, Nigeria was well primed to attract foreign direct investments.

The President witnessed the signing of two Memoranda of Understanding, MoU: one on the supply of gas from Nigeria to Germany and another for $500 million worth of renewable energy projects in Nigeria.

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.

CEO of GasInvest, Mr. David Ige, who signed the MoU on gas supply, said the Riverside LNG project aimed to supply energy from Nigeria to Germany, extinguishing about 50 million cubic feet per day of flared gas in Nigeria.

A statement issued by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, quoted Ige as saying:  ‘’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.”

The German partners expressed confidence in investing in Nigeria’s gas sector.

Chief Operating Officer of Johannes Schuetze Energy Import AG, Mr. Frank Otto, described the partnership as a “big deal” for the German market.

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 of more people into the formal economy.

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