Nigerian and German companies have signed two agreements in Berlin, including a $500 million renewable energy pact and a gas export deal.
The agreement aims to strengthen economic ties between Nigeria and Germany. The Riverside LNG project aims to supply energy from Nigeria to Germany, extinguishing 50 million cubic feet per day of flared gas in Nigeria.
Through the initiative, Germany will get 850,000 tonnes of energy annually from Nigeria, with the potential to grow to 1.2 million tonnes annually.
The first deliveries of natural gas are set to begin in 2026. The commitment of $500 million for e-energy projects in Nigeria emphasizes rural inclusion and bringing more people into the formal economy.
Nigerian President Bola Tinubu assured German businesses that foreign investments into the country are secure due to Nigeria’s stable political landscape.