Nigeria, Germany sign MoU on $500m renewable energy projects, gas export

The Federal Government has signed two Memoranda of Understanding (MoU) with Germany on the supply of gas from Nigeria to the European country and $500 million worth of renewable energy projects in Nigeria.

The signing of the 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 the Union Bank of Nigeria and DWS Group on cooperation in renewable energy.

This was disclosed in a statement issued by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, on Tuesday.

The CEO of GasInvest, David Ige, who signed the MoU on gas supply, said the Riverside LNG project aims to supply energy from Nigeria to Germany, extinguishing about 50 million cubic feet per day of flared gas in Nigeria.

Ige said: “The project will supply energy from Nigeria to Germany at 850,000 tonnes per annum, expanding to 1.2 million tonnes per annum.

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“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, the Chief Operating Officer of Johannes Schuetze Energy Import AG, Frank Otto, described the partnership as a “big deal” for the German market.

The Chairman of Union Bank, Farouk Gumel, noted the commitment of $500 million for e-energy projects in Nigeria, emphasising 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. Thank you, Mr. President,” Gumel said.

Speaking on the development, President Bola Tinubu assured German businesses that with Nigeria’s stable political landscape, foreign investments into the country are secure.

Tinubu said: “Since 1999, we have witnessed changes in democratic governance, with peaceful transfers 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.”

The Star