One of the MoUs calls for Nigeria to supply gas to Germany, while the other calls for $500 million in renewable energy projects in Nigeria.
Ajuri Ngelale, special advisor to the president on media and publicity, said in a statement on Tuesday that President Bola Tinubu observed the signing of the two memorandums of understanding (MoU) in Berlin, Germany, during the 10th German-Nigerian business summit.
According to the release, Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany signed MoUs on the gas export collaboration.
The other signed pact was between Union Bank of Nigeria and DWS Group on cooperation in renewable energy.
Welcoming the new deals, Tinubu told German companies that foreign investments in Nigeria are safe due to the country’s stable political environment.
He said with a resilient democracy, Nigeria is well-primed to attract foreign direct investments.
Tinubu said since 1999, the nation has seen shifts in democratic governance, including orderly handovers of power within and between political parties.
“Democracy in Nigeria has proven to be flexible and resilient,” he said.
“Shake off any remnants of the military era syndrome; we have moved beyond that.
“Despite challenges faced by other African nations, Nigeria stands firm, and we are your partners.”
The president reaffirmed his commitment to maintaining the changes and forging closer ties between Germany and Nigeria.
The president said he has a track record that led him 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,” he said.
“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.”
- ‘Riverside LNG To Supply Energy To Germany’
David Ige, chief executive officer (CEO) of GasInvest, who signed the MoU on gas supply, said the goal of the Riverside LNG project is to supply Germany with energy from Nigeria while putting an end to roughly 50 million cubic feet of flared gas per day 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,” he said.
“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.”
On his part, Frank Otto, chief operating officer of Johannes Schuetze Energy Import AG, described the partnership as a “big deal” for the German market.
Also speaking, Farouk Gumel, chairman of Union Bank, said the company is committed to the $500 million e-energy projects in Nigeria.
He said it is important to include rural and more people in the formal economy.
