Nigeria and Germany have recently inked an MoU, emphasizing gas supply and $500 million worth of renewable energy projects

According to the federal government, Nigeria and Germany have purportedly signed a memorandum of understanding (MoU) on gas supply and renewable energy projects.

One of the Memorandums of Understandings concerns a $500 million renewable energy project in Nigeria, while the other calls for Nigeria to export gas to Germany.

Ajuri Ngelale, the president’s special assistant on media and publicity, said in a statement on Tuesday that President Bola Tinubu was present when the two memorandums of understanding (MoUs) were signed during the 10th German-Nigerian business conference in Berlin, Germany.

According to the release, Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany signed the memorandums of understanding for the gas export partnership.

The other agreement was for collaboration in renewable energy and was inked by the DWS Group and Union Bank of Nigeria.

Tinubu welcomed the new agreements and assured German businesses that foreign investments in Nigeria are secure because of the nation’s stable political climate.

He claimed that Nigeria is well-positioned to draw foreign direct investments because of its robust democracy.

According to Tinuu, the country has witnessed changes in democratic governance since 1999, including peaceful transfers of power within and between political parties.

He declared, “Nigeria’s democracy has proven to be resilient and flexible.”

“We’ve moved past the military era syndrome, so throw off any lingering memories of it.

“We are your partners, and Nigeria remains steadfast in the face of challenges faced by other African nations.”

The president reiterated his dedication to upholding the modifications and fostering deeper relations between Germany and Nigeria.

The president said that his qualifications for the position brought him to the top.

“changes were the reason Nigerians voted for me, and I carried out the changes from the day I took office. “I did not reveal my plans in my inaugural speech,” he stated.

“As soon as I took office, I ended the fuel subsidy that puts a heavy burden on Nigerians.

“The arbitrage regime has ended permanently. You are now free to enter and exit with your money as you like. You may be confident that I have assembled one of the most dependable teams Nigeria has ever seen to handle any issues you may run into.

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“I implore you to put the past behind you and concentrate on creating a relationship that eliminates barriers, promoting growth and prosperity in Nigerian-German relations.”

The objective of the Riverside LNG project, according to GasInvest CEO David Ige, who signed the memorandum of understanding on gas delivery, is to stop Nigeria’s daily production of about 50 million cubic feet of flared gas while supplying Germany with energy from Nigeria.

He stated, “The project will supply energy from Nigeria to Germany at an initial rate of 850,000 tonnes per year, with the potential to grow to 1.2 million tonnes per year.”

In 2026, the first gas will be exported from Nigeria to Germany, and there will be more. This will close off roughly 50 million cubic feet of flared gas per day in Nigeria and create opportunities for more and larger gas shipments to Germany.

Johannes Schuetze Energy Import AG’s chief operating officer, Frank Otto, called the collaboration a “huge deal” for the German market.

The head of Union Bank, Farouk Gumel, also spoke and stated that the organisation is dedicated to the $500 million e-energy projects in Nigeria.

According to him, it’s critical to include more individuals from rural areas in the official economy.