Nigeria and Germany have formalized substantial agreements worth $500 million, focusing on the development and collaboration within the renewable energy and gas sectors. The agreements were signed during the 10th German-Nigerian Business Forum in Berlin.

President Bola Tinubu highlighted Nigeria's resilient democracy as an attractive factor for foreign direct investments during the forum. The signed Memoranda of Understanding (MoUs) included a gas export partnership between Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany, as well as a $500 million renewable energy projects collaboration between Union Bank of Nigeria and DWS Group.

The gas export partnership aims to supply energy from Nigeria to Germany, addressing the challenge of approximately 50 million cubic feet per day of flared gas in Nigeria. The renewable energy collaboration involves a significant commitment of $500 million for e-energy projects in Nigeria, with a focus on rural inclusion and bringing more individuals into the formal economy.

President Tinubu welcomed the agreements, assuring German businesses that Nigeria's stable political landscape ensures the protection and security of foreign investments. He emphasized the country's commitment to sustaining reforms and building stronger Nigerian-German relations, highlighting achievements in economic reforms and governance.

Tinubu concluded by calling for a focus on building a relationship that fosters progress and prosperity in Nigerian-German relations, expressing mutual reliance and collaboration.