Emmanuel OchayiIn a development, Nigeria and Germany solidified their economic partnership through significant agreements signed at the German-Nigerian Business Forum worth $500 million.
President Bola Tinubu, addressing attendees in Berlin, emphasized Nigeria’s robust democracy as a magnet for foreign investment. The Forum witnessed the signing of two pivotal Memoranda of Understanding (MoUs), marking strides in bilateral cooperation.
The agreements encompassed a gas supply deal between Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany, alongside a $500 million commitment to renewable energy projects by Union Bank of Nigeria and DWS Group.
Mr. David Ige, CEO of GasInvest, hailed the Riverside LNG project as pivotal in supplying energy to Germany while extinguishing volumes of flared gas in Nigeria. He outlined ambitious projections, stating, “The first gas will reach Germany by 2026, extinguishing about 50 million cubic feet per day of flared gas.”
The German partners, expressing confidence in Nigeria’s gas sector, lauded the partnership as a significant advancement. Mr. Frank Otto of Johannes Schuetze Energy Import AG described it as a “big deal” for the German market.
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Chairman of Union Bank, Mr. Farouk Gumel, underscored the commitment to invest $500 million in e-energy projects in Nigeria, emphasizing the importance of rural inclusion for economic growth.
President Tinubu reassured German businesses of Nigeria’s stable political landscape, emphasizing the country’s resilience in democratic governance. He highlighted his administration’s achievements and commitment to sustained economic reforms, drawing on his background in the private sector.
In a compelling appeal, the President urged a focus on building robust relations for mutual progress and prosperity between Nigeria and Germany. He emphasized, “You can rely on us; we can rely on you; both of us can chorus Hallelujah at the same time.”
The agreements signal a new chapter in the economic partnership between Nigeria and Germany, poised to create opportunities and foster growth in both nations
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