Two Memoranda of Understanding (MoUs) were signed, one involving the supply of gas from Nigeria to Germany, and the other, a $500 million renewable energy projects agreement in Nigeria.
These MoUs were signed by Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany for the gas export partnership, and Union Bank of Nigeria and DWS Group for cooperation in renewable energy.
The agreements are expected to expedite the Siemens Power Deal implementation and facilitate gas supply from Nigeria to Germany starting in 2026, helping to extinguish flared gas in Nigeria. Additionally, the $500 million Green Energy Project aims to implement renewable energy projects across Nigeria, fostering rural inclusion and bringing more people into the formal economy.
Tinubu assured German businesses of Nigeria's stable political landscape, ensuring the security of foreign investments.