Nigeria and Germany sign gas deal and clean energy investment agreement

Nigeria and Germany have signed a historic agreement that will see Africa’s largest oil producer supply more gas to Europe’s biggest gas consumer.

In an MOU signed by Nigeria’s Riverside LNG project, which works in the country’s Niger Delta, and Germany’s Johannes Schuetze Energy Import, Nigeria will export 850,000 tons of liquefied natural gas per year to Germany. The agreement also includes a provision for export volume to increase to 1.2 million tonnes in future.

Under the deal, Nigeria is expected to export its first deliveries of liquified natural gas (LNG) to Germany in 2026, which will account for 2% of Germany’s total LNG imports.

The deal was signed at the G20 Compact with Africa conference in Berlin on November 21, 2023, according to an official statement from the Nigerian presidency.

In addition to the gas deal, Germany has pledged to invest $500 million in renewable energy projects in Nigeria, with a primary focus on rural communities. The investment is expected to create jobs and power sustainable economic growth in the country.

“This agreement marks a new era of cooperation between our two countries,” Nigerian President Bola Ahmed Tinubu said. “It is a testament to the strong relationship between Nigeria and Germany and our shared commitment to sustainable development.”

Nigeria’s economy, which has been grappling with the impact of falling oil prices in recent years, is expected to benefit positively form the gas deal and renewable energy investment.  The deal will also help Germany meet its energy needs while reducing its reliance on fossil fuels.

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