Nigeria and Germany have signed major agreements worth $500 million that are aimed at growing and working together in the gas and renewable energy industries.
Two major agreements involving enterprises from both countries were signed yesterday, adding to and solidifying the already-growing economic cooperation between Nigeria and Germany.
President Bola Tinubu underlined during his speech at the 10th German-Nigerian Business Forum in Berlin, Germany, that Nigeria’s robust democracy made the nation an appealing destination for foreign direct investments.
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Two Memoranda of Understanding (MoUs) were signed during the event by the President. The first one dealt with the delivery of gas from Nigeria to Germany, while the second one concerned $500 million worth of renewable energy projects in Nigeria.
Johannes Schuetze Energy Import AG of Germany and Riverside LNG of Nigeria signed the first Memorandum of Understanding on their gas export cooperation. Concurrently, the second deal united DWS Group and Union Bank of Nigeria, signifying a cooperative endeavour in the realm of renewable energy.
When GasInvest CEO David Ige signed the memorandum of understanding pertaining to gas delivery, it became clear that the Riverside LNG project’s goal was to transport energy from Nigeria to Germany, thereby resolving the issue of Nigeria’s about 50 million cubic feet per day of flared gas.
Ige was quoted in a statement released by Ajuri Ngelale, Special Advisor to the President on Media and Publicity, as saying: “The project will send energy from Nigeria to Germany at a rate of 850,000 tonnes annually, expanding to 1.2 million tonnes per annum.
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“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.”
The German colleagues expressed their confidence in funding the gas industry in Nigeria.
Chief Operating Officer of Johannes Schuetze Energy Import AG Frank Otto described the collaboration as a major step forward for the German market.
Farouk Gumel, the chairman of Union Bank, disclosed a significant $500 million investment for Nigerian e-energy projects. He emphasised the significance of integrating people from rural areas and increasing their participation in the formal sector.
“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,” Gumel said.
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President Bola Tinubu enthusiastically greeted the new accords, reassuring German companies that their investments in Nigeria were safe and secure due to the country’s stable political environment.
“Since 1999, we have witnessed changes in democratic governance, with peaceful transfer 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, and we have moved beyond that. Despite challenges faced by other African nations, Nigeria stands firm, and we are your partners,” the President declared.
The President listed some of his administration’s accomplishments, notably his well praised economic reforms, to highlight his commitment to maintaining the reforms and fostering closer ties between Germany and Nigeria.
“For those who feared various obstacles, look at me; I come from the private sector, trained by Deloitte. I served as the treasurer in Exxon Mobil.
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“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. I removed the fuel subsidy that is a great burden to Nigerians from the moment I stepped into office.
“The arbitrage regime is gone forever. Now, you can bring your money in and out as you wish. If you encounter any problems, rest assured that I have built one of the most reliable teams Nigeria has seen to address them.
“I appeal to you to forget the past and focus on building a relationship that removes obstacles, fostering progress and prosperity in Nigerian-German relations.
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“You can rely on us; we can rely on you; both of us can chorus Hallelujah at the same time,” the President said.
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