German President Frank-Walter Steinmeier discussed the two countries' "energy partnership" today with his Nigerian counterpart Bola Ahmed Tinubu at a meeting in Abuja, the capital of the African country where he is on a two-day visit.
"We have one of the longest energy partnerships Germany has ever had with Nigeria," Steinmeier explained, adding that the partnership with Africa's most populous country is not limited to oil and gas.
The "energy partnership" between the two countries has focused heavily "on solar and wind energy in recent years," but the next goal is "hydrogen production," he said.
Frank-Walter Steinmeier is accompanied by a delegation of German companies active in the energy (Siemens, Enertrag, Off-Grid Europe, Neuman & Esser), finance (Exficon), distribution (C. Woermann) and new technologies (Dermalog, LiveEO) sectors.
"Our businesspeople and policymakers are very interested in doing business with Germany. My aim is to continue to assure them that our commercial doors are open and that our reforms are working very well," the Nigerian head of state assured at the end of the meeting.
Since coming to power in May 2023, Tinubu has introduced far-reaching structural reforms, such as the end of fuel subsidies and the liberalisation of the naira, the local currency, in order to attract foreign investment.
The immediate consequence was the collapse of the local currency and a deep economic crisis, with inflation exceeding 33% in October.
"German companies are seeing an improvement in investment relations," the German president said of Tinubu's reforms.
In November 2023, the Union Bank of Nigeria and the German group DWS signed a memorandum of understanding to invest US$500 million in renewable energy, and the Nigerian company Riverside LNG committed to supplying 850,000 tonnes of natural gas to the German company Johannes Schuetze Energy Import AG.
During his stay in Nigeria, the German President is also expected to meet with Omar Alieu Touray, President of the Commission of the Community of West African States (ECOWAS), whose headquarters are in Abuja.
Before leaving the country, he is also expected to travel to Lagos, Nigeria's economic capital, to meet with the business community, as well as with Nobel Prize winner for Literature Wole Soyinka and Nike Okundaye, founder of one of West Africa's largest art galleries.
In Germany, the office of President is essentially honorary, with the exercise of power in the hands of the Chancellor. Chancellor Olaf Scholz visited Nigeria in October 2023.
