Nigeria and Germany agree on gas supplies and renewable energy
Kyiv • UNN
Nigeria and Germany have agreed on a deal under which Nigeria will supply more gas to Germany and Berlin will invest $500 million in renewable energy projects. Nigeria's President is working to attract foreign investors to the country's economy
Nigerian President Bola Ahmed Tinubu said on Tuesday that Nigeria and Germany have agreed on a deal under which Africa's largest oil producer Africa's largest oil producer will supply more gas to Germany, and Berlin will also invest 500 million dollars in renewable energy projects. DW writes about it, UNN reports.
Details
In the Memorandum of Understanding (MOU) signed by the Nigerian Riverside LNG project, which operates in the Niger Delta in the country, and the German company Johannes Schuetze Energy Import, Nigeria will export 850,000 tons of of liquefied natural gas (LNG) per year to Germany, increasing in the future to 1.2 million tons in the future.
The first deliveries, which will account for 2% of Germany's of Germany's total LNG imports, are expected to leave Nigeria in 2026.
This is another step towards diversifying German gas importssaid
Instead, a second Memorandum of Understanding was signed, according to which Germany Understanding, according to which Germany pledged to invest another 500 million US dollars in renewable energy projects and technologies in Nigeria, especially aimed at bringing more people into the formal economy.
Germany is also discussing a deal with electronics giant Siemens to help with Nigeria's electricity supply, which is unstable and a a great burden for Nigerians and businesses.
Background
Since taking office in May, President Tinubu has been working to attract foreign investors to attract foreign investors to Niger, Africa's largest economy, pointing to his reforms on fuel subsidies and currency controls as incentives.
He has also expressed interest in having Siemens to help modernize and expand Nigeria's rail network.
