President Tinubu signs $500M renewable energy and Gas export agreement in Germany.
Governor Mohammed Umaru Bago of Niger State has joined President Ahmed Bola Tinubu at the 10th German-Nigerian Business Forum, taking place in Berlin, Germany.
The Governor maximized the opportunity to attract investors by highlighting the numerous potentials that abound in the State.
The event which was aimed at strengthening the bilateral relationship between Nigeria and Germany, also witnessed the signing of Memoranda of Understanding (MoU) between the two countries.
The MoUs were on the supply of gas from Nigeria to Germany and another one for $500 million worth of renewable energy projects in Nigeria.
The gas export partnership was between Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany, while the one on renewable energy was between Union Bank of Nigeria and DWS Group.
In the partnership, the Riverside LNG project was to supply energy from Nigeria to Germany, extinguishing about 50 million cubic feet per day of flared gas in Nigeria and the first gas is expected to leave Nigeria for Germany in 2026.
The renewable energy project worth $500 million, will focus more on rural inclusion to capture more people into the formal economy.
President Bola Tinubu in his address, expressed delight with the partnership and expressed confidence that the investments will thrive.
He also assured the German investors that their businesses are secured as Nigeria has a stable political landscape and allayed their fears of obstacles that would impact negatively their investments.
According to him, ”The arbitrage regime is gone forever. Now, you can bring your money in and out as you wish. If you encounter any problems, rest assured that I have built one of the most reliable teams Nigeria has seen to address them. I appeal to you to forget the past and focus on building a relationship that removes obstacles, fostering progress and prosperity in Nigerian-German relations.
”You can rely on us; we can rely on you; both of us can chorus Hallelujah at the same time,”
