The robust economic collaboration between the Federal Republic of Nigeria and the Federal Republic of Germany marked another significant milestone as key agreements were inked between Nigerian and German enterprises on Tuesday.
Addressing the 10th German-Nigerian Business Forum in Berlin, Germany, President Bola Tinubu highlighted Nigeria’s resilient democracy, positioning it as an attractive destination for foreign direct investments.
President Tinubu presided over the signing of two Memoranda of Understanding (MoU): one facilitating the supply of gas from Nigeria to Germany and the other involving a $500 million investment in renewable energy projects within Nigeria.
The first MoU, regarding the gas export partnership, was signed between Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany. Simultaneously, Union Bank of Nigeria and DWS Group formalized their pact for collaboration in renewable energy.
Mr. David Ige, CEO of GasInvest and signatory of the gas supply MoU, disclosed that the Riverside LNG project aimed to deliver energy from Nigeria to Germany, effectively eliminating around 50 million cubic feet per day of flared gas in Nigeria.
“The project’s initial goal is to supply 850,000 tonnes of energy per annum, expanding later to 1.2 million tonnes. The first gas shipment is scheduled for 2026, with plans for further expansion. This initiative will mitigate 50 million cubic feet per day of flared gas in Nigeria, opening avenues for increased gas exports to Germany,” he explained.
Expressing confidence in Nigeria’s gas sector, Mr. Frank Otto, Chief Operating Officer of Johannes Schuetze Energy Import AG, described the partnership as a significant development for the German market.
Union Bank Chairman, Mr. Farouk Gumel, committed $500 million to e-energy projects in Nigeria, emphasizing the importance of rural inclusion and expanding the formal economy.
“We believe this will foster rural inclusion and integrate more people into the formal economy. Without inclusion, there is no growth. Thank you, Mr. President,” Mr. Gumel remarked.
President Bola Tinubu welcomed the new agreements, assuring German businesses of the security of foreign investments in Nigeria due to the country’s stable political landscape.
Highlighting his administration’s achievements, including globally acclaimed economic reforms, President Tinubu reiterated his commitment to sustaining these reforms and fortifying the Nigerian-German relationship.
“For those who had concerns, look at me—I come from the private sector, trained by Deloitte, and served as the treasurer in Exxon Mobil. Today, Lagos State is the fifth-largest economy in Africa, rising from ground zero. Nigerians voted for me for reforms, and I’ve implemented them since day one,” President Tinubu affirmed.
Encouraging a forward-looking approach, he urged both nations to focus on building a relationship that fosters progress and prosperity, assuring mutual reliance and collaboration.