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Germany Seeks to Invest in Nigeria’s Natural Gas

Faith Alofe

Oct 30, 2023 — 1 min read

Naija News

German Chancellor Olaf Scholz met with Nigerian President Bola Tinubu on Sunday,29th October 2023 to discuss trade and investment opportunities during a West Africa tour, as the European country looks to diversify its trade partners and expand economic partnerships in the energy-rich region.

The Chancellor said his country is willing to invest in gas and critical minerals in Nigeria, as he started a two-day visit to West Africa.

His visit to Africa is the third in two years and comes as conflicts in the Middle East and elsewhere highlight the growing importance of an energy-rich region as an alternative to Russian energy.

Nigeria is Africa's largest oil producer and Germany’s second-largest trading partner in sub-Saharan Africa and the trade volume between Germany and Nigeria is estimated to be about $3bn (£2.4bn) annually.

“There are a lot of chances, not just from gas and oil but for better using the capacities of your country, but also for going into investments for the future, which is about hydrogen,” Mr Scholz said in a joint briefing with Nigeria’s President, Bola Ahmed Tinubu, in Abuja

Mr Scholz is also pushing for cooperation with Nigeria to help tackle illegal migration from West Africa to Europe.

On his part, President Tinubu sought the support of Germany in tackling insecurity and also working to turn the economy of Nigeria around.

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