An energy analyst, Ikenna Obi, has said that the recent visit by German President, Frank-Walter Steinmeier, to President Bola Tinubu has several advantages for Nigeria’s energy sector.
He explained that it strengthened energy ties between Nigeria and Germany, with discussions focused on boosting investment and accelerating existing agreements.
He noted that this included a $500 million renewable energy investment and natural gas supply to Germany.
He said: “The visit promotes German investment in Nigeria’s energy sector, particularly in renewable energy, which aligns with Nigeria’s goal of diversifying its energy sources.
The cooperation enables Nigeria to tap into Germany’s expertise in renewable energy and energy efficiency.
“Also Nigeria’s commitment to delivering 850,000 tons of natural gas to Germany’s Johannes Schuetze Energy Import AG enhances energy cooperation and provides a new revenue stream.
“The visit signifies Germany’s confidence in Nigeria’s economic reforms, which could attract more foreign investment and stimulate economic growth.
The partnership supports Nigeria’s efforts to reduce dependence on oil and gas, promoting sustainable energy development.
“Overall, President Steinmeier’s visit demonstrates Germany’s growing interest in Nigeria’s energy market, fostering a mutually beneficial partnership that addresses energy.”
During the visit, according to a statement by the Presidency, Tinubu invited German companies for investment in Nigeria’s solid minerals, renewable energy.
He reported informed the German government and companies that his government was prioritising the energy and solid minerals sectors, urging them to come and invest.
He assured the German President that his government had been doing all it could to make the sectors conducive for businesses and investments by removing unnecessary administrative obstacles and improving security.
He also emphasised the need for Nigeria to develop alternative energies, leveraging the country’s large deposits of solid minerals.
According to the statement, President Tinubu directed the ministries of Foreign Affairs, Solid Minerals, and Power, as well as the Ministry of Industry, Trade and Investment to work closely with investors to develop the energy sector.
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