Economic Boost: Nigeria-Germany Sign $500M Deals

Economic Boost: Nigeria-Germany Sign $500M Deals
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In a significant stride towards fortifying economic collaboration between the Federal Republic of Nigeria and the Federal Republic of Germany, two pivotal agreements were inked during the 10th German-Nigerian Business Forum held in Berlin on Tuesday.

Addressing the forum, President Bola Tinubu expressed confidence in Nigeria’s ability to attract foreign direct investments, attributing it to the country’s resilient democracy. Two Memoranda of Understanding (MoUs) were ceremoniously signed, signaling the expansion and deepening of bilateral ties.

The first MoU involved Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany, solidifying a gas supply partnership. Mr. David Ige, CEO of GasInvest, highlighted the Riverside LNG project’s goal to export energy from Nigeria to Germany, effectively curbing 50 million cubic feet per day of flared gas in Nigeria. The project is set to commence gas exports to Germany in 2026, with plans for further expansion.

Economic Boost: Nigeria-Germany Sign $500M Deals

    The second pact saw Union Bank of Nigeria and DWS Group collaborating on renewable energy projects, with a commitment of $500 million. Mr. Farouk Gumel, Chairman of Union Bank, emphasized the significance of rural inclusion and formal economic participation, envisioning these projects as catalysts for growth.

    German partners expressed confidence in investing in Nigeria’s gas sector, with Mr. Frank Otto, Chief Operating Officer of Johannes Schuetze Energy Import AG, deeming the partnership a “big deal” for the German market.

    President Tinubu assured German businesses of the security of foreign investments in Nigeria, citing the country’s stable political landscape. He underscored his administration’s commitment to sustaining economic reforms and fostering stronger Nigerian-German relations.

    Economic Boost: Nigeria-Germany Sign $500M Deals
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      Read Also: President Tinubu Hails $14B Investment Pledges at Nigeria-India Forum

      Highlighting his track record in economic reforms and governance, President Tinubu urged both nations to focus on building a relationship that removes obstacles, fostering progress and prosperity in Nigerian-German relations.

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