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FDIs: $500m renewable energy and export deals to strengthen Nigeria-Germany partnership ─President Tinubu

President Bola Ahmed Tinubu (middle) and Other Dignitaries at the 10th German-Nigerian Business Forum in Berlin, Germany Photo: State House

*President Bola Ahmed Tinubu outlines some achievements of his administration, including the globally-acclaimed economic reforms, emphasising his commitment to sustaining the reforms and building stronger Nigerian-German relations

Isola Moses | ConsumerConnect

The growing economic partnership between Nigeria and Germany witnessed further expansion and strengthening, as businesses from the two  countries inked two important agreements  Tuesday, November 21, 2023, in Berlin, Germany.

Speaking at the 10th German-Nigerian Business Forum, Nigerian President Bola Ahmed Tinubu said with a resilient democracy, the West African country is well-primed to attract Foreign Direct direct Investments (FDIs).

Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, also stated President Tinubu witnessed the signing of two Memoranda of Understanding (MoUs) one 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.

The Federal Government disclosed Mr. David Ige, Chief Executive Officer (CEO) of GasInvest, who signed the MoU on gas supply, said the Riverside LNG project aimed to supply energy from the country to Germany, extinguishing about 50 million cubic feet per day of flared gas in Nigeria.

Ige was quoted to have said: “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 Nigeria for Germany in 2026, and there will be further expansion.

“This will extinguish about 50 million cubic feet per day of flared gas in Nigeria and open alleyways of new and greater exports of gas to Germany.”

The Presidential media aide further stated that the German partners expressed confidence in investing in Nigeria’s gas sector.

In his remarks on the development, Mr. Frank Otto, Chief Operating Officer (COO) of Johannes Schuetze Energy Import AG, described the partnership as a “big deal” for the German market.

Also speaking on the deal, Mr. Farouk Gumel, Chairman of Union Bank,  disclosed the commitment of $500 million to e-energy projects in Nigeria.

Gumel emphasised the importance of rural inclusion and bringing more people into the formal economy.

”We believe this would bring rural inclusion and capture more people into the formal economy. Without inclusion, there is no growth. Thank you, Mr. President,” said the Union Bank Chairman.

Foreign investments, monies are safe in Nigeria, says President

In welcoming the fresh agreements, President Tinubu assured the German businesses that with Nigeria’s current stable political landscape, foreign investments into the country are secure.

The Nigerian leader stated: “Since 1999, we have witnessed changes in democratic governance, with peaceful transfers of power within and between parties.

“Democracy in Nigeria has proven to be flexible and resilient. Shake off any remnants of the military era syndrome; we have moved beyond that.

“Despite challenges faced by other African nations, Nigeria stands firm, and we are your partners.”

While outlining some of the achievements of his administration, which include his globally-acclaimed economic reforms, the President further emphasised his commitment to sustaining the reforms and building stronger Nigerian-German relations.

He asserted: “For those who feared various obstacles; look at me—I come from the private sector, trained by Deloitte.

“I served as the treasurer in Exxon Mobil. Define corporate governance in any way, and I am in it. I governed Lagos for eight consecutive years.”

President Tinubu said: “Today, I can proudly beat my chest that Lagos State is on the horizon and the fifth-largest economy in Africa, rising from ground zero.

“This is the track record that led me to the Presidency.”

Highlights of Nigeria’s economic reforms

Tinubu also explained: “Nigerians voted for me for reforms, and from day one of my inauguration, I implemented the reforms. My inaugural speech did not disclose what I would do.

“I removed the fuel subsidy that is a great burden to Nigerians from the moment I stepped into office.

”The arbitrage regime is gone forever. Now, you can bring your money in and out as you wish.”

The President stated: “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.”

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