Energy Deals: Nigeria, Germany

Energy Deals: Nigeria, Germany

Expanding Economic Partnership

In a recent business forum in Berlin, Germany, President Bola Tinubu highlighted Nigeria’s resilient democracy and its ability to attract foreign investments. As a result, two important agreements were signed between Nigerian and German businesses.

Gas Export Partnership

Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany signed a Memorandum of Understanding (MoU) for the supply of gas from Nigeria to Germany. This partnership aims to reduce flared gas in Nigeria and supply energy to Germany.

Benefits of the Gas Export Partnership

The Riverside LNG project plans to supply energy from Nigeria to Germany, reducing about 50 million cubic feet per day of flared gas in Nigeria. The first gas shipment is expected in 2026, with further expansion in the future.

Renewable Energy Cooperation

Union Bank of Nigeria and DWS Group signed an MoU for cooperation in renewable energy projects. Union Bank committed $500 million to e-energy projects in Nigeria, with a focus on rural inclusion and bringing more people into the formal economy.

President Tinubu’s Assurance

President Bola Tinubu assured German businesses that Nigeria’s stable political landscape ensures the security of foreign investments. He emphasized his commitment to sustaining economic reforms and building stronger Nigerian-German relations.

Germany Seeks Nigerian Talent

President tinubu’s Track Record

President Tinubu highlighted his experience in the private sector and his successful governance of Lagos State. He implemented economic reforms from the beginning of his presidency, including the removal of fuel subsidies.

He urged German businesses to focus on building a relationship that fosters progress and prosperity in Nigerian-German relations.

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