Nigeria and Germany sign $500 million renewable energy and gas deal

In Nigeria, Reuters reported that Nigerian and German companies signed two agreements in Berlin that include a $500 million renewable energy pact and a gas export deal, further strengthening economic ties between the two countries.

Union Bank of Nigeria and Germany’s DWS Group signed a memorandum of understanding (MoU) on renewable energy. The agreement seeks to harness $500 million in investment in renewable energy projects across Nigeria, mostly in rural communities.

A second agreement on gas export partnership was agreed between Riverside LNG of Nigeria and Germany’s Johannes Schuetze Energy Import. Under the terms of the deal, Nigeria will supply 850,000 tons of natural gas to Germany annually which is expected to rise to 1.2 million.

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