Investment Drive: Nigeria, Germany sign MoUs on $500m renewable projects, gas supply

Nigeria and Germany, on Tuesday, in Berlin, signed two agreements to strengthen their economic partnership.

The two countries signed the Memoranda of Understanding (MoU) on the supply of gas from Nigeria to Germany and another for $500 million worth of renewable energy projects in Nigeria.

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.

CEO of GasInvest, David Ige, who signed the MoU on gas supply, said 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 gas will leave…