The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, disclosed this in a statement in Berlin. He said the two countries also signed two Memoranda of Understanding (MoUs) on the supply of gas from Nigeria to Germany.
President Bola Tinubu, witnessed the signing of two MoUs; one on the supply of gas from Nigeria to Germany and another for $500 million worth of renewable energy projects in Nigeria.
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.
The project will supply energy from Nigeria to Germany at 850,000 tonnes per annum, expanding to 1.2 million tonnes per annum.
Besides, the MoU, will further strengthen the burgeoning economic partnership between Nigeria and the Federal Republic of Germany expanding the economic relationship between the two countries.
The Chief Executive Officer (CEO) of GasInvest, David Ige, who signed the MoU on gas supply, revealed that the Riverside LNG project will supply energy from Nigeria to Germany, extinguishing 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. 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”, Ngelale, quoted Ige as saying.
Chief Operating Officer of Johannes Schuetze Energy Import AG, Mr. Frank Otto, described the partnership as a “big deal” for the German market.
Farouk Gumel, Chairman of Union Bank, disclosed the commitment of $500 million for e-energy projects in Nigeria, emphasizing the importance of rural inclusion and bringing of 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. Thank you, Mr. President,’’ Gumel said.
Commenting on the new deals, President Tinubu 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 transfer of power within and between parties. Democracy in Nigeria has proven to be flexible and resilient.
‘’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,’’ Tinubu declared.
Outlining some of the achievements of his administration, which include his globally-acclaimed economic reforms, the President emphasized his commitment to sustaining the reforms and building stronger Nigerian-German relations.
‘’For those who feared various obstacles, look at me, I come from the private sector, trained by Deloitte. I served as the treasurer in ExxonMobil.
‘’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, rising from ground zero. This is the track record that led me to the presidency.”