Germany and Nigeria have inked a significant agreement that entails increased gas supply from Nigeria to Germany alongside substantial investments in renewable energy projects within Nigeria, totaling $500 million.
As part of the deal signed between Riverside LNG project in Nigeria’s Niger Delta and German company Johannes Schuetze Energy Import at a Berlin business forum, the gas supply is set to begin at 850,000 tonnes per annum, eventually expanding to 1.2 million tonnes per annum.
David Ige, a partner in the Nigerian project, confirmed the commencement of gas exports to Germany by 2026.
Additionally, the Union Bank of Nigeria and the DWS Group have entered an agreement for a substantial $500 million investment from the German firm into renewable energy ventures across Nigeria.
In a bid to address Nigeria’s persistent power blackouts, Germany is reportedly in discussions with Siemens, aiming to enhance the country’s electricity supply, as outlined by German state broadcaster Deutsche Welle.
During talks between German Chancellor Olaf Scholz and President Bola Tinubu in Abuja in October, Chancellor Scholz reaffirmed Germany’s commitment to further investments in Nigeria’s critical minerals and energy sectors.
Source-BBC
