Newsroom Nigeria
  • Home
  • About Us
  • Advert Rates
Wednesday, May 21, 2025
  • Login
Advertisement
  • Home
  • News
  • Business
  • Politics
  • Sports
  • Entertainment
No Result
View All Result
  • Home
  • News
  • Business
  • Politics
  • Sports
  • Entertainment
No Result
View All Result
Newsroom Nigeria
No Result
View All Result

TINUBU WITNESSES AS NIGERIA SIGNS  $500M RENEWABLE ENERGY PACT WITH GERMANY 

The project will supply energy from Nigeria to Germany at 850,000 tonnes per annum, expanding to 1.2 million tonnes per annum.

Newsroom Nigeria by Newsroom Nigeria
November 21, 2023
Reading Time: 4 mins read
TINUBU WITNESSES AS NIGERIA SIGNS  $500M RENEWABLE ENERGY PACT WITH GERMANY 
Share on FacebookShare on Twitter

The burgeoning economic partnership between the Federal Republic of Nigeria and the Federal Republic of Germany witnessed further expansion and strengthening as two important agreements were signed between Nigerian and German businesses on Tuesday.

Speaking in Berlin, Germany, at the 10th German-Nigerian Business Forum, President Bola Tinubu said that with a resilient democracy, Nigeria is well primed to attract foreign direct investments.

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

This Might Also Interest You

Bank Manager, Four Others Arraigned for Allegedly Hacking Bank Server

HEDA Commends Supreme Court on Ajudua Ruling, Calls for Speedy Trial and Cautions Lawyers Against Justice-Delay Tactics

TINUBU, AT MEETING WITH CATHOLIC BISHOPS, SAYS: LET’S HARNESS OUR DIVERSITY FOR THE PROSPERITY OF THE NATION

CHINA TO ESTABLISH ELECTRIC VEHICLE FACTORIES 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, Mr. 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 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,’’ he said.

The German partners expressed confidence in investing in Nigeria’s gas sector.

Chief Operating Officer of Johannes Schuetze Energy Import AG, Mr. Frank Otto described the partnership as a “big deal” for the German market.

Chairman of Union Bank, Mr. Farouk Gumel disclosed the commitment of $500 million for e-energy projects in Nigeria, emphasizing 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,” Mr. Gumel said.

Welcoming the new deals, President Bola Tinubu assured German businesses that with Nigeria’s stable political landscape, foreign investments into the country are secure.

”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,” the President declared.

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

”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. 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.

”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. 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,” the President concluded.

 

WE NEED YOUR SUPPORT TO PRODUCE EXCELLENT JOURNALISM AT ALL TIMES.

SUPPORT US AT NEWSROOM NIGERIA @ Newsroom Communication Services: 2042789398, First Bank of Nigeria.
Previous Post

FG Reads Riot Act to Illegal Miners, Revokes 1,633 Mining Licences

Next Post

Lawmakers Demand Identities Of Six Sanwoolu’s Cabinet Nominees

Related Posts

Internet Fraud: International “Catcher”, Osondu Igwilo’s Accomplice Jailed 16 Years 
JUDICIARY

Bank Manager, Four Others Arraigned for Allegedly Hacking Bank Server

May 20, 2025
Alleged $1,043, 000 Fraud: Supreme Court Revokes Fred Ajudua’s Bail, Returns Him to Prison
JUDICIARY

HEDA Commends Supreme Court on Ajudua Ruling, Calls for Speedy Trial and Cautions Lawyers Against Justice-Delay Tactics

May 19, 2025
TINUBU, AT MEETING WITH CATHOLIC BISHOPS, SAYS: LET’S HARNESS OUR DIVERSITY FOR THE PROSPERITY OF THE NATION
News

TINUBU, AT MEETING WITH CATHOLIC BISHOPS, SAYS: LET’S HARNESS OUR DIVERSITY FOR THE PROSPERITY OF THE NATION

May 19, 2025
CHINA TO ESTABLISH ELECTRIC VEHICLE FACTORIES IN NIGERIA
News

CHINA TO ESTABLISH ELECTRIC VEHICLE FACTORIES IN NIGERIA

May 18, 2025
80-yr-old ex-Convict, 82-yr-old Grandma Arrested as NDLEA Intercepts N3.2bn Opioids
News

80-yr-old ex-Convict, 82-yr-old Grandma Arrested as NDLEA Intercepts N3.2bn Opioids

May 18, 2025
PRESIDENT TINUBU ARRIVES ROME FOR POPE LEO’S INAUGURATION
News

PRESIDENT TINUBU ARRIVES ROME FOR POPE LEO’S INAUGURATION

May 17, 2025
Next Post
Lawmakers Demand Identities Of Six Sanwoolu’s Cabinet Nominees

Lawmakers Demand Identities Of Six Sanwoolu's Cabinet Nominees

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

OBA OF JEBBA: GROUP WRITES KWARA GOVERNOR

OBA OF JEBBA: GROUP WRITES KWARA GOVERNOR

May 20, 2025
FEED THE COMMUNITY: Volunteer Program Tackles Hunger in the Neighbourhoods

FEED THE COMMUNITY: Volunteer Program Tackles Hunger in the Neighbourhoods

May 20, 2025
UMAHI HINTS LAGOS-CALABAR SUPERHIGHWAY TO BE TOLLED FROM DECEMBER

UMAHI HINTS LAGOS-CALABAR SUPERHIGHWAY TO BE TOLLED FROM DECEMBER

May 20, 2025
Internet Fraud: International “Catcher”, Osondu Igwilo’s Accomplice Jailed 16 Years 

Bank Manager, Four Others Arraigned for Allegedly Hacking Bank Server

May 20, 2025
Alleged $1,043, 000 Fraud: Supreme Court Revokes Fred Ajudua’s Bail, Returns Him to Prison

HEDA Commends Supreme Court on Ajudua Ruling, Calls for Speedy Trial and Cautions Lawyers Against Justice-Delay Tactics

May 19, 2025
  • Home
  • About Us
  • Advert Rates

© 2022 Newsroom Nigeria is published by Newsroom Communication Services, a Media and Communication Company.

No Result
View All Result
  • Home
  • News
  • Business
  • Politics
  • Sports
  • Entertainment

© 2022 Newsroom Nigeria is published by Newsroom Communication Services, a Media and Communication Company.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In