3 things Nigeria will take away from Tinubu’s visit to Germany

3 things Nigeria will take away from Tinubu’s visit to Germany

President Bola Ahmed Tinubu returned to Nigeria on Wednesday after participating in the G20 African Economic Agreement in Berlin, Germany.

Nigeria and Germany’s burgeoning economic partnership further expanded and strengthened with the signing of two important agreements between companies from both countries on Tuesday.

Mr. Tinubu witnessed the signing of two Memoranda of Understanding (MoU) for gas supplies from Nigeria to Germany.

Another MoU signed was for renewable energy projects worth $500 million in Nigeria.

A memorandum of understanding has been signed between Nigeria’s Riverside LNG and Germany’s Johannes Schuetze Energy Import AG regarding a gas export partnership.

Another agreement signed brought together Union Bank of Nigeria and DWS Group on cooperation in renewable energy.

If this is implemented, Nigeria will benefit in at least three major ways.

The first is the restructuring of Siemens Power Trading to ensure faster implementation. The agreement includes the rehabilitation, upgrade and expansion of Nigeria’s electricity grid.

Following Mr. Tinubu’s meeting with German political and business leaders, Minister of Power Adebayo Adelabu on Wednesday joined Siemens Nigeria CEO Seun Suleiman and members at Siemens Energy’s switchgear and electrolysis plant in Berlin, Germany. They toured the tank and gas turbine manufacturing plant. of their management team.

Another advantage is the signing of a gas supply agreement between Nigeria and Germany, with first supplies expected in 2026.

GasInvest CEO David Ige, who signed the memorandum of understanding for gas supply, said the Riverside LNG project will supply energy from Nigeria to Germany and extinguish approximately 50 million cubic feet of flared gas per day in Nigeria. He said that it was aimed at.

“The project will supply 850,000 tonnes of energy per year from Nigeria to Germany, which will be expanded to 1.2 million tonnes per year,” Ige said.

“The first gas will leave Nigeria for Germany in 2026, with further expansion planned.

“This will extinguish approximately 50 million cubic feet of flared gas per day in Nigeria and pave the way for new and larger gas exports to Germany.”

The third gain is a $500 million green energy project contract to implement several renewable energy projects across Nigeria.

Union Bank Chairman Farouk Gumel has announced that the bank will invest $500 million in electronic energy projects in Nigeria.

He also emphasized the importance of rural inclusion and bringing more people into the country’s formal economy.

“We believe this will bring about local inclusion and allow more people to participate in the formal economy. Without inclusion, there is no growth,” Gumel said.

Mr Tinubu welcomed the new agreement and assured German companies that the stable political situation in Nigeria makes foreign investment in the country safe.

Source: guardian.ng

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