German and Nigerian businesses signed two crucial agreements in Berlin on Tuesday, marking a major step toward deepening economic ties.
The $500 million agreements, which include a gas export contract and a renewable energy agreement, represent a turning point in bilateral cooperation, according to a statement from the presidential spokesperson, Ajuri Ngelale.
A formal Memorandum of Understanding on renewable energy was signed by the Union Bank of Nigeria and the DWS Group of Germany.
Through this strategic partnership, $500 million in investments intended for renewable energy projects will be drawn in, with a primary focus on rural communities in Nigeria.
According to the statement, the second MoU solidified a gas export partnership between Riverside LNG of Nigeria and Germany’s Johannes Schuetze Energy Import AG.
Nigeria commits to supplying 850,000 tons of natural gas annually to Germany, with projections indicating an increase to 1.2 million tons. The initial shipments are…