President Bola Tinubu, on Tuesday, witnessed the signing of two Memoranda of Understanding: one on
the supply of gas from Nigeria to Germany and another for $500m worth of renewable energy projects
in Nigeria.
Speaking in Berlin, Germany, at the 10th German-Nigerian Business Forum, the President said that with
a resilient democracy, Nigeria is well primed to attract 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’.
CEO 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, extinguishing flared gas in Nigeria at about 50 million cubic
feet per day.
“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.
On their part, the German partners expressed confidence in investing in Nigeria’s gas sector.
Chief Operating Officer of Johannes Schuetze Energy Import AG, Mr. Frank Otto, described the
partnership as a “big deal” for the German market.
Chairman of Union Bank, Mr. Farouk Gumel disclosed the commitment of $500m for e-energy projects.
in Nigeria, emphasizing the importance of rural inclusion and bringing more people into 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.”
Welcoming the new deals, Tinubu assured German businesses that with Nigeria’s stable political.
landscape, foreign investments into the country are secure.
