[ad_1]
President Bola Tinubu yesterday witnessed the signing of two Memorandums of Understanding (MoU) in Berlin, Germany, one on the supply of gas from Nigeria to Germany and the other on renewable energy projects worth $500 million in Nigeria.
Speaking at the 10th Germany-Nigeria Business Forum, Tinubu said Nigeria has a strong democracy and is ready to attract foreign direct investment.
According to a presidential statement, the ceremony will contribute to the burgeoning Nigeria-German economic partnership in a new move to promote economic enterprises between Nigeria and Germany.
Specifically, Presidential Spokesperson Adjuli Ngerale said the signing of the memorandum of understanding was for a gas export partnership between Nigeria’s Riverside LNG and Germany’s Johannes Schütze Energy Import AG, and the signing of the other Union Bank of Nigeria and DWS Group explained that the agreement is about cooperation. With 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.
“The project will supply 850,000 tonnes of energy per year from Nigeria to Germany, with plans to expand to 1.2 million tonnes per year.” The first gas will leave Nigeria for Germany in 2026, with further expansion planned. is. “This will extinguish around 50 million cubic feet of flared gas per day in Nigeria and pave the way for new and larger gas exports to Germany,” 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, including peaceful transfers of power within and between political parties. Nigeria’s democracy has been shown to be flexible and resilient. It has been proven. Shake off the vestiges of military era syndrome. We have moved beyond it. Despite the challenges faced by other African countries, Nigeria stands firm. , we are your partners,” the President declared.
The President outlined some of his administration’s achievements, including globally acclaimed economic reforms, and emphasized his commitment to sustaining reforms and building stronger Nigeria-German relations.
he said: “For those who are afraid of various obstacles. Look at me. I come from the private sector and was trained by Deloitte. I was a treasurer at ExxonMobil. Corporate If you define governance one way or another, I belong to that definition. I ruled Lagos for eight consecutive years. Today, I am with Lagos State on the horizon, Africa’s fifth largest economy, I am proud of the fact that we are rising from ground zero.This is the accomplishment that 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 people.
“The arbitrage system is gone forever. Now you can put in and take out as much money as you want. If something goes wrong, I have built one of the most reliable teams in Nigeria to help you deal with it. 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.
[ad_2]
Source: guardian.ng