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Nigeria, Germany sign $500m renewable energy agreement



Nigeria and Germany on Tuesday signed a $500 million renewable energy agreement between the two countries.

The Special Adviser on Media and Publicity to the President, Ajuri Ngelale, who disclosed this in a statement in Berlin, said the countries also signed two Memoranda of Understanding (MoUs) on the supply of gas from Nigeria to Germany.

He added that President Bola Tinubu witnessed the signing of the two MoUs on the sidelines of the 10th German-Nigeria Business Forum in Berlin.

The signing, according to him, is part of the burgeoning economic partnership between Nigeria and Germany as well as a further expansion of their bilateral ties.

The first agreement was between Riverside Liquefied Natural Gas of Nigeria and Johannes Schuetze Energy Import AG of Germany on the gas export partnership and the

The second was on cooperation in renewable energy between Union Bank of Nigeria and DWS Group.

The Chief Executive Officer of GasInvest, Mr. David Ige, who signed the MoU on gas supply, said the Riverside LNG project aims to supply energy from Nigeria to Germany.

He said the plan was to extinguish about 50 million cubic feet per day of flared gas in Nigeria.

”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 there will be further expansion.

‘’This will extinguish about 50 million cubic feet per day of flared gas in Nigeria and open alleyways of new and greater exports of gas to Germany.”

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On his part, the Chief Operating Officer of Johannes Schuetze Energy Import AG, Mr. Frank Otto, described the partnership as a “big deal” for the German market.

Tinubu, who welcomed deals, assured German businesses that with Nigeria’s stable political landscape, foreign investments into the country would be secured.

He said: “Since 1999, we have witnessed changes in democratic governance, with peaceful transfers of power within and between parties. Democracy in Nigeria has proven to be flexible and resilient.

‘’Shake off any remnants of the military era syndrome; we have moved beyond that. Despite challenges faced by other African nations, Nigeria stands firm, and we are your partners.

“For those who fear various obstacles; look at me—I come from the private sector, trained by Deloitte. I served as the treasurer in Exxon Mobil.

“Define corporate governance in any way, and I am in it. I governed Lagos for eight consecutive years.

“Today, I can proudly beat my chest that Lagos State is on the horizon and the fifth-largest economy in Africa, rising from ground zero. This is the track record that led me to the presidency.

“Nigerians voted for me for reforms, and from day one of my inauguration, I implemented the reforms. My inaugural speech did not disclose what I would do.”

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