adminNigerian and German companies on Tuesday signed two accords in Berlin that include a $500 million renewable energy pact and a gas export deal.
The signing of MoUs was between Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany on the gas export partnership, while the other signed pact brought together Union Bank of Nigeria and DWS Group on cooperation in renewable energy.
The agreement is intended to further strengthen economic ties between Nigeria and Germany, Presidential spokesperson Ajuri Ngelale explained in a statement.
CEO of GasInvest, David Ige who signed the MoU on gas supply, stated that the Riverside LNG project aims to supply energy from Nigeria to Germany, extinguishing about 50 million cubic feet per day of flared gas in Nigeria.
”The project will supply energy from Nigeria to Germany at 850,000 tonnes per annum, expanding to 1,2 million tonnes per annum.
The first deliveries of the natural gas are set to begin in 2026, with the agreement aiming to process 50 million cubic feet per day of natural gas that would otherwise have been flared.
Chairman of Union Bank, Mr. Farouk Gumel disclosed the commitment of US$500 million for e-energy projects in Nigeria, emphasizing the importance of rural inclusion and bringing more people into the formal economy. – Business Insider Africa
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