Nigeria will supply more gas to Germany after the two countries signed a deal that will also include $500m (£399m) in renewable energy investments in the West African nation.
Nigeria’s presidency said the gas supply deal was signed at a business forum in Berlin between Riverside LNG project based in the Niger Delta and German company Johannes Schuetze Energy Import.
“The project will supply energy from Nigeria to Germany at 850,000 tonnes per annum, expanding to 1.2 million tonnes per annum,” said David Ige, a partner in the Nigerian project. The first gas under the deal will be exported to Germany in 2026.
The Union Bank of Nigeria and the DWS Group also signed a deal for the German firm to invest $500m in renewable energy projects in Nigeria.
Germany is also in talks with electronics giant Siemens to help Nigeria, which experiences frequent power blackouts, to improve electricity supply, according to German state broadcaster Deutsche Welle.
German Chancellor Olaf Scholz pledged more investments in Nigeria’s critical minerals and energy sectors during talks with President Bola Tinubu in Abuja in October.