Nigeria and Germany bolstered their partnership, signing two crucial Memoranda of Understanding (MoUs) to enhance energy cooperation between both nations.

At the 10th German-Nigerian Business Forum in Berlin, President Bola Tinubu witnessed the signing of these agreements. Tinubu highlighted Nigeria’s robust democracy, making it an attractive destination for foreign investments.

The signed MoUs involve Riverside LNG of Nigeria collaborating with Johannes Schuetze Energy Import AG of Germany for gas export. Additionally, the Union Bank of Nigeria and DWS Group joined forces for $500 million worth of renewable energy projects within Nigeria.

President Tinubu reassured German businesses of Nigeria’s stable political landscape and emphasized the country’s commitment to sustaining economic reforms and fostering stronger Nigerian-German relations.

A statement from Ajuri Ngelale, Special Adviser to the President (Media & Publicity), highlighted the significance of these agreements. It quoted GasInvest CEO Mr. David Ige, who emphasized the Riverside LNG project’s goal to supply energy to Germany, addressing Nigeria’s gas flaring issue and opening avenues for increased exports.

German partners expressed confidence in investing in Nigeria’s gas sector, while Union Bank’s Chairman, Mr. Farouk Gumel, emphasized the pivotal role of these projects in fostering rural inclusion and economic growth.