Friday, March 1, 2024
MARKET UPDATE
Advertisement

TheCable

Nigeria, Germany sign MoUs on gas supply, $500m renewable energy projects

Nigeria, Germany sign MoUs on gas supply, $500m renewable energy projects
November 21
19:21 2023

The federal government says the country has signed a memorandum of understanding (MoU) with Germany on gas supply and renewable energy projects.

One of the MoUs requires Nigeria to supply gas to Germany and the other is a $500 million worth of renewable energy projects in Nigeria.

In a statement on Tuesday, Ajuri Ngelale, special adviser to the president on media and publicity, said President Bola Tinubu witnessed the signing of the two memorandum of understanding (MoU) in Berlin, Germany, at the 10th German-Nigerian business forum.

The signing of MoUs on the gas export partnership was between Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany, according to the statement.

Advertisement

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.

Advertisement

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.”

Advertisement

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.

Advertisement

“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.”

Advertisement

‘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.

Advertisement

“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.”

Advertisement

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.

Click on the link below to join TheCable Channel on WhatsApp for your Breaking News, Business Analysis, Politics, Fact Check, Sports and Entertainment News!

Tags

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment

error: Content is protected from copying.