Nigeria signs $500mln energy deal with Germany

Germany signed a $500m renewable energy and gas deal with Nigeria and announced its plan to invest €4 billion ($4.3bn) in green energy projects across Africa by 2030, with an eye to building out renewable hydrogen production capacity. 

This came during the Compact with Africa (CwA) Conference, held in Berlin on Nov 20. The conference was a chance for Germany and other European countries to strengthen their ties with Africa, as China and Russia are also seeking to gain political and economic leverage on the continent.

German Chancellor Olaf Scholz said that the materials used in green energy should be processed in the African countries where they are sourced, without specifying any projects. 

He further added, “Africa is our partner of choice when it comes to intensifying our economic relations and moving toward a climate-neutral future together.”

“A long-term partnership also includes a clear message to the Compact states: Produce green hydrogen and you will find reliable buyers in us!” the chancellor remarked.

“I am convinced that this will provide planning security and will encourage significant investments in these countries,” he continued.