In a significant milestone for the growing economic collaboration between the Federal Republic of Nigeria and the Federal Republic of Germany, two pivotal agreements were formalized during the 10th German-Nigerian Business Forum on Tuesday.
In an official statement, , Special Adviser to the President on Media and Publicity Chief Ajuri Ngelale said addressing the gathering in Berlin, President Bola Tinubu underscored Nigeria’s attractiveness for foreign direct investments, citing the country’s robust democracy as a key factor. The President played a pivotal role in witnessing the signing of two Memoranda of Understanding (MoU) that further solidified the economic ties between the two nations.
The first MoU, focusing on the supply of gas from Nigeria to Germany, was signed between Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany. Simultaneously, a second pact worth $500 million in renewable energy projects in Nigeria was formalized between Union Bank of Nigeria and DWS Group.
Mr. David Ige, CEO of GasInvest and signatory of the gas supply MoU, outlined the ambitious Riverside LNG project’s goal to export energy from Nigeria to Germany, thereby extinguishing approximately 50 million cubic feet per day of flared gas in Nigeria. He detailed that the project would commence by supplying 850,000 tonnes per annum, expanding to 1.2 million tonnes per annum, with the first shipment scheduled for 2026.
Expressing confidence in Nigeria’s gas sector, Mr. Frank Otto, Chief Operating Officer of Johannes Schuetze Energy Import AG, characterized the partnership as a “big deal” for the German market.
On the renewable energy front, Mr. Farouk Gumel, Chairman of Union Bank, disclosed a committed investment of $500 million. Emphasizing the importance of rural inclusion and economic formalization, he stated, “We believe this would bring rural inclusion and capture more people into the formal economy. Without inclusion, there is no growth.”
President Bola Tinubu, welcoming the newly inked agreements, assured German businesses of the security of foreign investments in Nigeria due to the country’s stable political landscape. He highlighted the resilience of Nigeria’s democracy, citing peaceful transfers of power since 1999.
In his address, President Tinubu reiterated his commitment to sustaining economic reforms and strengthening Nigerian-German relations. Reflecting on his administration’s achievements, including the removal of fuel subsidies and the establishment of a conducive business environment, he urged both nations to focus on building a relationship that fosters progress and prosperity.
“Both of us can chorus Hallelujah at the same time,” concluded President Tinubu, expressing confidence in the mutually beneficial partnership.
