The Nigerian government recently finalized a $500 million deal with German investors, enhancing the economic ties between the two nations. Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, announced this development.
During the 10th German-Nigerian Business Forum in Berlin, President Bola Tinubu highlighted Nigeria’s potential to attract foreign direct investments due to its strong democratic foundation. Tinubu witnessed the signing of two crucial Memoranda of Understanding (MoUs): one involving gas supply from Nigeria to Germany and the other focusing on $500 million worth of renewable energy projects in Nigeria.
Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany inked the MoU for the gas export partnership, aiming to eliminate around 50 million cubic feet per day of flared gas in Nigeria. Another agreement was signed between the Union Bank of Nigeria and DWS Group for collaboration in the renewable energy sector. David Ige, the CEO of GasInvest, expressed optimism about the Riverside LNG project’s goal to supply energy from Nigeria to Germany.
“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 further expansion will occur. This will extinguish about 50 million cubic feet per day of flared gas in Nigeria and open alleyways of new and greater gas exports to Germany,” he said.
The German counterparts showed their trust in investing within Nigeria’s gas industry.
Frank Otto, the Chief Operating Officer of Johannes Schuetze Energy Import AG, characterized the collaboration as a significant opportunity for the German market.
Farouk Gumel, Chairman of Union Bank, revealed a $500 million commitment towards e-energy initiatives in Nigeria, stressing the significance of integrating rural areas and expanding the formal economy by involving more individuals.
“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,” Gumel said.
With the introduction of these new agreements, Tinubu reassured German businesses that due to Nigeria’s stable political environment, foreign investments in the country remain 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 other African nations face, Nigeria stands firm, and we are your partners,” the President declared.
Tinubu highlighted his dedication to maintaining the reforms and fostering stronger Nigerian-German relations by outlining several accomplishments of his administration, notably highlighting the globally recognized economic reforms.
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