I Was Voted In For Reforms, Tinubu Says As Nigeria, Germany Seal $500m Renewable Energy Deal

President Bola Tinubu on Tuesday assured German business community that with Nigeria’s stable political landscape, foreign investments into the country are now very secure. 

The rising economic partnership between Nigeria and Germany witnessed further expansion and strengthening as two important agreements were signed between Nigerian and German businesses on Tuesday.

President Tinubu 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. 

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

Tracing the history of stable democratic dispensation in Nigeria since the advent of the Fourth Republic, President Tinubu said: ”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.”

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.

He said: “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”.

Also on Tuesday, the rising economic partnership between Nigeria and Germany witnessed further expansion and strengthening as two important agreements were signed between Nigerian and German businesses.

President Tinubu 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. 

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. 

According to him: ”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”.

On their part, 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. 

Also speaking, 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,” he further said.

Deji Elumoye in Berlin

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