Two Memoranda of Understanding—one regarding the delivery of gas from Nigeria to Germany and the other pertaining to $500 million worth of renewable energy projects in Nigeria—were signed on Tuesday in the presence of President Bola Tinubu.
Speaking at the 10th German-Nigerian Business Forum in Berlin, Germany, the President stated that Nigeria is well-positioned to draw foreign direct investment because of its robust democracy.
Ajuri Ngelale, Tinubu’s Special Advisor on Media and Publicity, disclosed in a statement signed on Tuesday that “the MoUs were signed 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 statement reads, “Partnership between Germany and Nigeria grows.” as President Tinubu watches a $500 million renewable energy agreement and a gas export agreement be signed.
The Riverside LNG project intends to deliver energy from Nigeria to Germany, extinguishing flared gas in Nigeria at a rate of around 50 million cubic feet per day, according to Mr. David Ige, CEO of GasInvest, who signed the memorandum of understanding on gas supply.
Through the initiative, Germany will get 850,000 metric tonnes of energy annually from Nigeria, with the potential to grow to 1.2 million metric tonnes annually.
In 2026, Nigeria will export its first gas to Germany, and then there will be more exports.
This will shut down roughly 50 million cubic feet of flared gas in Nigeria every day and create opportunities for new and increased gas shipments to Germany, according to Ige.
According to jerrymusa.com the German partners, for their part, expressed confidence in making gas industry investments in Nigeria.
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.
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 proven to be adaptable and strong. We’ve passed past the military-era syndrome, therefore casting 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, the fifth-largest economy in the world, is just around the corner.”
emerging from the zero point. “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; both of us can chorus Hallelujah at the same time.”
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.”