Nigeria and Germany have signed a $500m renewable energy and gas export pacts.
Glamtush reports that President Bola Tinubu, on Tuesday, witnessed the signing of two Memoranda of Understanding: one on the supply of gas from Nigeria to Germany and another for $500m worth of renewable energy projects in Nigeria.
This online news platform understands while speaking in Berlin, Germany, at the 10th German-Nigerian Business Forum, the President said that with a resilient democracy, Nigeria is well primed to attract foreign direct investments.
“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,” Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale, revealed in a statement signed Tuesday.
The statement is titled ‘Nigeria-Germany partnership expands as President Tinubu witnesses signing of $500m renewable energy pact and gas export agreement’.
CEO of GasInvest, Mr. David Ige, who signed the MoU on gas supply, said the Riverside LNG project aims to supply energy from Nigeria to Germany, extinguishing flared gas in Nigeria at about 50 million cubic feet per day.
“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,” Ige said.
On their part, 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 $500m for e-energy projects in Nigeria, emphasizing the importance of rural inclusion and bringing more people into the formal economy.
Mr. Gumel said, “‘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.”
Welcoming the new deals, Tinubu assured German businesses that with Nigeria’s stable political landscape, foreign investments into the country are secure.
He remarked, “Since 1999, we have witnessed changes in democratic governance, with peaceful transfers of power within and between parties.
“Despite challenges other African nations face, Nigeria stands firm, and we are your partners.”
He also outlined some of his administration’s achievements, including his globally-acclaimed economic reforms and emphasised his commitment to sustaining the reforms and building stronger Nigerian-German relations.
“For those who feared various obstacles, look at me—I come from the private sector, trained by Deloitte. I served as the treasurer of Exxon Mobil.
“Define corporate governance in any way, and I am in it. I governed Lagos for eight consecutive years.
“Today, I can proudly beat my chest that Lagos state is on the horizon and the fifth-largest economy in Africa, rising from ground zero. This is the track record that led me to the presidency,” he affirmed.
Still on the assurance train, President Tinubu appealed to investors to forget Nigeria’s “past and focus on building a relationship that removes obstacles, fostering progress and prosperity in Nigerian-German relations.”
“You can rely on us; we can rely on you; both of us can chorus Hallelujah at the same time,” the President concluded.
He affirmed that his nearly six months in office have been spent delivering the much-needed reforms Nigerians want.
“I removed the fuel subsidy that is a great burden to Nigerians from the moment I stepped into office.
“The arbitrage regime is gone forever. Now, you can bring your money in and out as you wish.
“If you encounter any problems, rest assured that I have built one of the most reliable teams Nigeria has seen to address them,” he vowed.