Nigeria signs $500 million energy deal with Germany 

Nigeria has signed a $500 million worth of gas export deal with Germany.

This is according to a statement released via Twitter by Dr Doris Uzoka-Anite, the Minister for Industry, Trade and Investment on Tuesday, November 21.  

According to the statement, a memorandum of understanding (MoU)was signed between the country and German companies on gas exports and renewable energy.

The statement read: 

During a meeting at the G20 Compact with Africa Investment Summit in Berlin, Germany, President Bola Tinubu and German Federal Chancellor Olaf Scholz came together to discuss Nigeria’s aspirations for German investment. Specifically, Tinubu expressed a strong interest in collaborating with German companies like Siemens AG to revamp Nigeria’s power and rail sectors. 

Tinubu emphasized to Scholz that his administration was enthusiastic about forging partnerships with German firms, especially Siemens AG, to bring about significant changes in Nigeria’s power sector. In response, Scholz acknowledged the existing challenges both administrative and financial within Nigeria’s power sector that urgently need attention. 

Scholz highlighted the substantial electricity production in Nigeria but pointed out the critical issue of inadequate distribution to the population. He stressed the necessity of establishing stations and improving infrastructure on the grid to address this discrepancy. Additionally, Scholz mentioned Siemens’ readiness with a plan to enhance implementation but underlined the importance of follow-up actions by the new Nigerian government to advance these commitments.