The President, Bola Ahmed Tinubu has signed two agreements in Berlin that include a $500 million renewable energy pact and a gas export deal, further strengthening economic ties between the two nations.
This was contained in a statement issued by the presidential spokesperson, Ajuri Ngelale, noting that Tinubu welcomed the deals during the G20 Compact with Africa conference in Berlin, on Tuesday, November 21.
According to Ngelale, Union Bank of Nigeria and Germany’s DWS Group signed a memorandum of understanding (MoU) on renewable energy. The agreement seeks to harness $500 million in investment in renewable energy projects across Nigeria, mostly in rural communities.
Adding that the second MoU is on gas export partnership, which was agreed between Riverside LNG of Nigeria and Germany’s Johannes Schuetze Energy Import AG. Under the accord, Nigeria will supply 850,000 tons of natural gas to Germany annually which is expected to rise to 1.2 million. The first deliveries will be in 2026, Ngelale said.
The German Chancellor, Olaf Scholz had on Monday, November 20, said that Germany will invest 4 billion euros in green energy projects in Africa until 2030, noting these could in turn help Europe’s largest economy achieve its own transition including from Africa, if it is to achieve its goal of net zero emissions by 2045, he said at a German-African business forum in Berlin.
Celebrating this milestone, the President on his official X handle stated that he is delighted to witness the signing of the two agreements.