Nigeria's Riverside LNG and Germany's Johannes Schuetze Energy Import AG signed a MoU (memorandum of understanding) on a gas deal. According to the agreement, Nigeria will supply 850,000 tons of natural gas to Germany per year from 2026, and it is expected to go up to 1.2 million annually.

The natural gas deal will cope with processing about 50 million cubic feet per day. Nigeria has Africa's largest gas reserves of more than 200 trillion cubic feet, while due to insufficient processing facilities, the gas burns off around 300 million cubic feet per day.

The other MoU was signed between the Union Bank of Nigeria and Germany's DWS Group on renewable energy.

German Chancellor Olaf Scholz said that Germany will invest EUR 4 billion in clean energy projects in Africa till 2030, and he said these projects will help achieve its own transition to carbon neutrality.

Under President Bola Tinubu's government, Nigeria has started its boldest reforms in decades, trying to make Nigeria attractive to investors. The government abolished a popular petrol subsidy and lifted trading restrictions on foreign exchange.