Meeting in Berlin, Nigerian and German companies signed two agreements on Tuesday. This partnership includes a $500 million renewable energy pact and a gas export agreement.

Nigeria and Germany sign a $500 million renewable energy and gas agreement This signature strengthens economic ties between the two countries. According to the presidential spokesperson, the agreement aims to mobilize $500 million in investment in renewable energy projects across Nigeria, mainly in rural communities.

A second Memorandum of Understanding on the gas export partnership has been concluded between the Nigerian company Riverside LNG and the German company Johannes Schuetze Energy Import AG. Under the agreement, Nigeria will supply 850,000 tons of natural gas to Germany annually, a figure that is expected to rise to 1.2 million. The first deliveries will take place in 2026, said Mr. Ngelale

The agreement will process approximately 50 million cubic feet per day of natural gas that would otherwise have been flared.