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Nigeria and Germany have signed a significant agreement for renewable energy projects

A crucial deal has been inked between Nigerian company Riverside LNG and German company Johannes Schuetze Energy Import AG for renewable energy projects and natural gas supply.

 Nigeria and Germany have signed a significant agreement for renewable energy projects

Nigeria and Germany have sealed a substantial agreement for natural gas supply and renewable energy projects. Under the agreement between Nigerian Riverside LNG and German Johannes Schuetze Energy Import AG, shipments of 850,000 tons of natural gas to Germany are planned annually starting from 2026. In the future, this supply volume will be increased to 1.2 million tons per year.

The agreement encompasses not only natural gas supply but also renewable energy projects in Nigeria. According to the deal between Union Bank of Nigeria and German DWS Group (Die Wertpapier Spezialisten - The Fund Specialists), a $500 million investment will be directed towards projects, especially in rural communities. These projects aim to contribute to economic development by including more people in the formal economy.

This collaboration goes beyond the energy sector, encompassing significant steps towards economic and social development. With this agreement, Nigeria and Germany have strengthened their joint efforts in sustainable energy and economic growth.

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