From Our Correspondent
Nigeria and Germany have signed two Memoranda of Understanding (MoU) on gas supply to Germany and another $500 million worth of renewable energy projects in Nigeria.
Ajuri Ngelale, Presidential Spokesman, announced this in a statement on Wednesday in Abuja.
Ngelale said President Bola Tinubu witnessed the signing of the two MoUs on the sidelines of the 10th German-Nigeria Business Forum on Tuesday in Berlin, Germany.
Signing the MoUs is part of the burgeoning economic partnership between Nigeria and Germany. It also marked the expansion and strengthening of their bilateral ties.
One of the agreements is between Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany on the gas export partnership.
The other is between the Union Bank of Nigeria and the DWS Group on cooperation in renewable energy.
CEO of GasInvest, Mr David Ige, who signed on gas supply, said the Riverside LNG project aims to supply energy from Nigeria to Germany.
He Ige said this would 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.
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“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,” he said.
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.
Also, the Chairman of Union Bank, Mr Farouk Gumel, announced the bank’s commitment of $500 million for e-energy projects in Nigeria.
Gumel emphasised the importance of rural inclusion and bringing more people into the formal economy.
“We believe this would bring rural inclusion and capture more people into the formal economy.
“Without inclusion, there is no growth,” Gumel said.
President Tinubu welcomed the new deals. He assured German businesses that with Nigeria’s stable political landscape, foreign investments into the country were secure.
“Since 1999, we have witnessed changes in democratic governance with peaceful transfers of power within and between parties.
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“Democracy in Nigeria has proven to be flexible and resilient. Shaking off any remnants of the military era syndrome, we have moved beyond that.
“Despite challenges facing other African nations, Nigeria stands firm and we are your partners,” President Tinubu said.
He outlined some of the achievements of his administration, which included his economic reforms.
Tinubu emphasised his commitment to sustain the reforms and build stronger Nigerian-German relations.
“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.
“Lagos rose 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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