Toba Owojaiye Reporting
Abuja, Nigeria.Â
Nigeria and Germany solidified their economic ties with the signing of two pivotal agreements at the 10th German-Nigerian Business Forum in Berlin. President Bola Tinubu, addressing the forum, highlighted Nigeria’s robust democracy as a magnet for foreign direct investments.
Truth Live News reports that the first Memorandum of Understanding (MoU) is in the gas sector, linking Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany. CEO of GasInvest, Mr. David Ige, detailed plans to export energy from Nigeria to Germany, curbing flared gas in Nigeria by 50 million cubic feet per day. The project aims to supply 850,000 tonnes per annum initially, expanding to 1.2 million tonnes per annum, with the first shipment scheduled for 2026.
The second MoU focuses on renewable energy, uniting Union Bank of Nigeria and DWS Group. Union Bank committed $500 million to e-energy projects, emphasizing rural inclusion and economic formalization. Chairman of Union Bank, Mr. Farouk Gumel, stressed the significance of inclusive growth for a thriving economy.
German partners expressed confidence in Nigeria’s gas sector, with COO of Johannes Schuetze Energy Import AG, Mr. Frank Otto, calling the partnership a “big deal” for Germany. President Bola Tinubu assured German businesses of Nigeria’s stable political climate, highlighting the country’s flexibility and resilience in democratic governance.
The agreements signify a significant step towards mutual economic growth, with Germany investing in Nigeria’s gas and renewable energy sectors. President Tinubu’s assurances aim to instill confidence in foreign investors, showcasing Nigeria’s commitment to sustained reforms and a conducive business environment.