Nigeria and Germany sign $500 million deals

Nigeria and Germany sign $500 million deals

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Nigeria and Germany sign $500 million deals

Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany on the gas export partnership. image by punch


Nigeria and Germany sign $500 million deals

On Tuesday, President Bola Tinubu oversaw the signing of two MOUs: one for the delivery of gas from Nigeria to Germany, and another for renewable energy projects in Nigeria worth $500 million.

At the 10th German-Nigerian Business Forum held in Berlin, the President argued that Nigeria’s robust democracy makes the country an excellent location for FDI.

According to a statement released by Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale, two memorandums of understanding (MoUs) were signed on Tuesday; one was between Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany on the gas export partnership, and the other was between Union Bank of Nigeria and DWS Group on cooperation in renewable energy.

The announcement is captioned ‘Nigeria-Germany collaboration expands as President Tinubu sees signing of $500m renewable energy contract and gas export agreement’.

According to Mr. David Ige, CEO of Gas Invest, who signed the MoU on gas delivery, the Riverside LNG project hopes to transfer energy from Nigeria to Germany by eliminating around 50 million cubic feet per day of flared gas in Nigeria.

An initial annual capacity of 850,000 metric tons will provide Germany with energy from Nigeria, with future capacity up to 1.2 million metric tons.

In 2026, the first gas will be piped from Nigeria to Germany, and subsequent growth is anticipated.

“This will clear the way for new and increased gas exports to Germany and put an end to roughly 50 million cubic feet of flared gas per day in Nigeria,” Ige stated.

The German partners stated that they were confident about making investments in Nigeria’s gas industry.

Mr. Frank Otto, Chief Operating Officer of Johannes Schuetze Energy Import AG, called the collaboration a “huge deal” for the German market.

The $500 million investment for e-energy projects in Nigeria was revealed by Mr. Farouk Gumel, Chairman of Union Bank, who emphasised the significance of rural inclusion and bringing more people into the formal economy.

According to Mr. Gumel, “We think this would increase participation in the formal economy and bring inclusion to rural areas.” Growth is impossible without inclusivity. I’m grateful, Mr. President.

Nigeria and Germany sign $500 million deals

Nigeria in Germany. Image by


Tinubu welcomed the new agreements and reassured German companies that foreign investments in Nigeria are safe due to the country’s stable political environment.

Nigerian democracy has shown to be adaptable and strong. We’ve passed past the military era syndrome, therefore cast off any lingering memories of it.

“We are your partners, and Nigeria remains firm despite the challenges faced by other African nations.”

He also listed some of the accomplishments of his administration, such as the well praised economic reforms, and stressed his resolve to maintain the changes and forge closer ties between Germany and Nigeria.

“Those who were afraid of different challenges should have a look at me—I’m a private sector professional with Deloitte training. I worked at Exxon Mobil as the treasurer.

“In any manner you define corporate governance, I’m in it. I presided over Lagos for eight years in a row.

“I can now confidently brag that Lagos State, which started from nothing, is on the verge of becoming the fifth-biggest economy in Africa. “This is the record that got me elected president,” he declared.

President Tinubu, who was still selling assurances, urged investors to put Nigeria’s history behind them and concentrate instead on “building a relationship that removes obstacles, fostering progress and prosperity in Nigerian-German relations.”

The President concluded, saying, “You can rely on us; we can rely on you.”

He asserted that he has spent his nearly six months in office implementing the much-needed reforms that Nigerians have expressed a desire for.

“As soon as I took office, I ended the fuel subsidy that puts a heavy burden on Nigerians.

“The arbitrage regime has ended permanently. You are now free to enter and exit with your money as you like.

He promised, “If you run into any issues, know that I have assembled one of the most dependable teams Nigeria has ever seen to take care of them.”

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