Nigeria to Boost Gas Supply to Germany in $500m Energy Deal
Nigeria and Germany have sealed a significant gas supply agreement, with Nigeria set to provide more gas to Germany through the Riverside LNG project.
The deal, signed in Berlin, includes a $500 million investment in renewable energy projects in Nigeria by German company Johannes Schuetze Energy Import.
The Riverside LNG project in the Niger Delta will supply 850,000 tonnes of energy annually to Germany, with plans to increase to 1.2 million tonnes per year. The first gas shipment is expected in 2026.
Additionally, the Union Bank of Nigeria and DWS Group inked a $500 million deal for renewable energy investments in Nigeria.
This collaboration aims to address Nigeria’s power challenges, with ongoing talks between Germany and Siemens to enhance the country’s electricity supply.
German Chancellor Olaf Scholz has committed to increased investments in Nigeria’s critical minerals and energy sectors, reinforcing the strong partnership between the two nations.
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