Nigerian and German companies have signed two memorandums of understanding on the supply of natural gas from Nigeria to Germany and renewable energy projects in Nigeria, according to a press release published by the government of Nigeria.
According to the agreement between Nigeria-based Riverside LNG and Germany-based Johannes Schuetze Energy Import AG, an annual 850,000 mt of natural gas will be supplied from Nigeria to Germany from 2026. The supply will increase to an annual 1.2 million mt in the future.
In addition, Union Bank of Nigeria and Germany-based DWS Group have committed a $500 million investment on renewable energy projects in Nigeria. The projects will be set up mostly in rural communities and aim to bring more people into the formal economy.