Nigeria-Germany Sign $500M Renewable Energy Pact And Gas Export Agreement

Federal Republic of Nigeria and the Federal Republic of Germany have expanded and strengthened their burgeoning economic partnership by signing two important agreements on Tuesday.

Lifestyle Nigeria reports that President Bola Tinubu, while speaking at the 10th German-Nigerian Business Forum in Berlin, Germany, said that with a resilient democracy, Nigeria is well primed to attract foreign direct investments.

Tinubu 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.

According to a statement by the Presidential Spokesman, Ajuri Ngelale, “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.”

The CEO of GasInvest, 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.

Ige was quoted 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.’’

Chief Operating Officer of Johannes Schuetze Energy Import AG, Frank Otto, while expressing confidence in investing in Nigeria’s gas sector, described the partnership as a “big deal” for the German market.