President Bola Tinubu took center stage on Tuesday as he presided over the signing of two crucial Memoranda of Understanding: one shaping the export of Nigerian gas to Germany and the other backing renewable energy projects with a substantial investment of $500 million.
At the 10th German-Nigerian Business Forum in Berlin, Germany, the President asserted that Nigeria’s resilient democracy creates an inviting environment, making the country an attractive destination for foreign direct investments.
‘The signing of MoUs was between Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany on the gas export partnership, while the other signed pact brought together Union Bank of Nigeria and DWS Group on cooperation in renewable energy,’ Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale, revealed in a statement signed Tuesday.
The statement is titled ‘Nigeria-Germany partnership expands as President Tinubu witnesses signing of $500m renewable energy pact and gas export agreement’.
Mr. David Ige, the CEO of GasInvest and the signatory of the MoU for gas supply, revealed that the Riverside LNG project endeavors to provide energy from Nigeria to Germany, addressing the elimination of flared gas in Nigeria at a rate of approximately 50 million cubic feet per day.
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‘The project will supply energy from Nigeria to Germany at 850,000 tonnes per annum, expanding to 1.2 million tonnes per annum.’
‘The first gas will leave Nigeria for Germany in 2026, and further expansion will occur.’
‘This will extinguish about 50 million cubic feet per day of flared gas in Nigeria and open alleyways of new and greater gas exports to Germany,’ Ige said.
The German partners, taking a positive stance, expressed their belief and confidence in the investment potential of Nigeria’s gas sector.
Mr. Frank Otto, the Chief Operating Officer of Johannes Schuetze Energy Import AG, characterized the partnership as a significant development for the German market.
Mr. Farouk Gumel, as Chairman of Union Bank, disclosed a dedicated investment of $500 million for e-energy projects in Nigeria, highlighting the importance of rural inclusion and expanding participation in the formal economy.
Mr. Gumel said, ‘We believe this would bring rural inclusion and capture more people into the formal economy. Without inclusion, there is no growth. Thank you, Mr. President.’
Tinubu, in a welcoming tone, assured German businesses that the security of foreign investments in Nigeria is guaranteed, thanks to the stable political landscape.
He remarked, ‘Since 1999, we have witnessed changes in democratic governance, with peaceful transfers of power within and between parties.’