In a significant stride towards enhancing economic collaboration between the two Countries, Nigerian and German companies have inked two crucial agreements in Berlin, with a combined value of $500 million. The agreements, focusing on renewable energy and gas exports, mark a pivotal moment in bilateral cooperation, according to a statement from Presidential spokesperson Ajuri Ngelale.
Union Bank of Nigeria and Germany’s DWS Group formalized a Memorandum of Understanding (MoU) on renewable energy, aiming to attract $500 million in investments for renewable energy projects, with a primary emphasis on rural communities in Nigeria. The strategic partnership is poised to contribute to sustainable energy development in the country.
The second MoU solidified a gas export partnership between Riverside LNG of Nigeria and Germany’s Johannes Schuetze Energy Import AG. Under this agreement, Nigeria commits to supplying 850,000 tons of natural gas annually to Germany, with projections indicating an increase to 1.2 million tons. The initial shipments are scheduled for 2026.
A key aspect of this deal is its role in processing approximately 50 million cubic feet per day of natural gas, addressing environmental concerns related to gas flaring—a shared commitment to environmentally conscious practices by both nations.
Nigeria, boasting Africa’s largest gas reserves exceeding 200 trillion cubic feet, has grappled with environmental challenges associated with gas flaring. This collaboration signifies a proactive step towards sustainable energy solutions and reinforces the countries’ commitment to environmentally friendly practices.
