SiteLock
Nigeria, Germany Cement Economic Ties With $500 Million Renewable Energy Deal

Nigeria, Germany Cement Economic Ties With $500 Million Renewable Energy Deal

1 year ago
1 min read

In a development, Nigeria and Germany solidified their economic partnership through significant agreements signed at the German-Nigerian Business Forum worth $500 million.

President Bola Tinubu, addressing attendees in Berlin, emphasized Nigeria’s robust democracy as a magnet for foreign investment. The Forum witnessed the signing of two pivotal Memoranda of Understanding (MoUs), marking strides in bilateral cooperation.

Join our WhatsApp Channel

Nigeria, Germany Cement Economic Ties With $500 Million Renewable Energy Deal

The agreements encompassed a gas supply deal between Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany, alongside a $500 million commitment to renewable energy projects by Union Bank of Nigeria and DWS Group.

Mr. David Ige, CEO of GasInvest, hailed the Riverside LNG project as pivotal in supplying energy to Germany while extinguishing volumes of flared gas in Nigeria. He outlined ambitious projections, stating, “The first gas will reach Germany by 2026, extinguishing about 50 million cubic feet per day of flared gas.”

IMG

The German partners, expressing confidence in Nigeria’s gas sector, lauded the partnership as a significant advancement. Mr. Frank Otto of Johannes Schuetze Energy Import AG described it as a “big deal” for the German market.

READ ALSO: German Chancellor Pledges $4.4 Billion For Africa-EU Green Energy Initiative

Chairman of Union Bank, Mr. Farouk Gumel, underscored the commitment to invest $500 million in e-energy projects in Nigeria, emphasizing the importance of rural inclusion for economic growth.

President Tinubu reassured German businesses of Nigeria’s stable political landscape, emphasizing the country’s resilience in democratic governance. He highlighted his administration’s achievements and commitment to sustained economic reforms, drawing on his background in the private sector.

Nigeria, Germany Cement Economic Ties With $500 Million Renewable Energy Deal

In a compelling appeal, the President urged a focus on building robust relations for mutual progress and prosperity between Nigeria and Germany. He emphasized, “You can rely on us; we can rely on you; both of us can chorus Hallelujah at the same time.”

The agreements signal a new chapter in the economic partnership between Nigeria and Germany, poised to create opportunities and foster growth in both nations

content

emmmmmm
+ posts

Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.


MOST READ

Follow Us

Latest from Business

Why Inflation Is Rising Rapidly In Nigeria

Why Inflation Is Rising Rapidly In Nigeria

Inflation in Nigeria: An Alarming Trend Inflation in Nigeria has reached a staggering 33.88% in October, rising from 32.7% the previous month. This sharp increase, driven by factors like currency depreciation, escalating
Senate Approves Tinubu’s $2.2bn Loan Request Amid Concerns

Senate Approves Tinubu’s $2.2bn Loan Request

Loan to Address Budget Deficit Sparks Debate The Nigerian Senate has approved President Bola Tinubu’s request for a $2.2 billion loan, intended to partially fund the ₦9.7 trillion budget deficit for the

Don't Miss

ATIDI, Kenya Govt Partner To Advance Renewable Energy Projects

ATIDI, Kenya Govt Partner To Advance Renewable Energy Projects

Government of Kenya and the African Trade Insurance Agency