The Nigerian government has signed a $500 million gas export and renewable energy project agreement with a German investor, strengthening economic ties between the two countries.
This was made by the Special Assistant to the President on Media and Publicity, Ajri Gelare, in a statement on Tuesday.
President Bola Tinubu, speaking at the 10th Germany-Nigeria Business Forum in Berlin, Germany, said Nigeria, with its strong democracy, is ready to attract foreign direct investment. .
Accordingly, Mr. Tinubu witnessed the signing of two Memoranda of Understanding (MoU). One concerns gas supplies from Nigeria to Germany, and the other concerns $500 million worth of renewable energy projects in Nigeria.
A memorandum of understanding was signed between Nigeria’s Riverside LNG and Germany’s Johannes Schuetze Energy Import AG on a gas export partnership, while another signed agreement brought together Nigeria’s Union Bank and DWS Group on cooperation in renewable energy. .
Gas Invest 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.
“This project will supply 850,000 tonnes of energy per year from Nigeria to Germany, expanding to 1.2 million tonnes per year.
“The first gas will leave Nigeria for Germany in 2026, with further gas expansion. “This will pave the way for large-scale gas exports,” he said.
The German partner expressed confidence in investing in Nigeria’s gas sector.
Frank Otto, chief operating officer of Johannes Schuetze Energy Import AG, said the partnership is a “huge deal” for the German market.
Union Bank Chairman Farouk Gumel has announced a $500 million investment in electronic energy projects in Nigeria, underscoring the importance of rural inclusion and bringing more people into the 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. Thank you, Mr. President,” Mr. 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.
“Since 1999, we have witnessed changes in democratic governance with peaceful transfers of power within and between political parties. Nigeria’s democracy has proven to be flexible and resilient. Shake off the vestiges of military era syndrome. We have moved beyond it. Despite the challenges faced by other African countries, Nigeria stands firm and we ,” the President declared.
Outlining some of his administration’s achievements, including globally acclaimed economic reforms, Tinubu underlined his determination to sustain reforms and build stronger Nigeria-German relations.
“For those of you who were afraid of various obstacles, look at me. I come from the private sector and am trained by Deloitte. I was a treasurer at ExxonMobil. Corporate Governance. If you define it one way or another, I belong to that definition. I ruled Lagos for eight consecutive years. Today, I see Lagos State on the horizon and Africa’s fifth largest economy rising from ground zero. I can hold my head high and be proud of the achievements that have led me to become president.
“Nigerians voted for me for reforms and I implemented reforms from my first day in office. In my inaugural address, it was not made clear what I would do. We have abolished fuel subsidies, which are a huge burden on the people.
“The arbitrage system is gone forever. Now you can put in and take out as much money as you want. If any problems arise, please be assured that I have built the most reliable team in Nigeria to deal with them. Rest assured, I appeal to you all to put the past behind you and focus on removing obstacles and building relationships that will foster progress and prosperity in Nigeria-German relations.
“Trust us. We can trust you. We can both sing Hallelujah at the same time.”