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Nigeria-Germany Energy Partnership Targets $500m+ in 2024 Investments

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Renewable Energy

Nigeria and Germany are set to surpass $500 million in energy deals in 2024 with both nations looking to break last year’s record in renewable energy and gas exports.

The Consul General of Germany in Lagos, Weert Borner, made this announcement during a press briefing ahead of the 11th German-Nigerian Business Forum and the 12th West African Clean Energy and Environment Exhibition and Conference (WACEE).

Scheduled to take place in Lagos on October 7, 2024, the German-Nigerian Business Forum will be a critical platform for signing two major energy agreements.

These deals, Borner noted, are expected to exceed the $500 million pact sealed between Nigerian and German firms last year.

The forum will be followed by the WACEE event from October 8-9, focusing on renewable energy and environmental sustainability.

“Germany is committed to expanding its investment portfolio in Nigeria, with over 90 active German companies already operating in the country,” Borner stated.

He emphasized Germany’s dedication to fostering stronger economic ties despite the challenges present in Nigeria’s business environment.

The German-Nigerian Business Forum is organized by the Delegation of German Industry and Commerce in Nigeria (AHK Nigeria) in partnership with the Afrika Verein, Berlin, and supported by the German Federal Ministry for Economic Affairs and Climate Action, among other stakeholders.

According to Timo Pleyer, a delegate from AHK Nigeria, the forum will serve as a key venue for top decision-makers from both countries to explore opportunities for collaboration across sectors such as agribusiness, energy efficiency, construction, and technical vocational education and training.

“This forum will highlight the potential for partnerships between Nigeria and Germany, ensuring growth in renewable energy investments and other critical industries,” Pleyer added.

The energy deals on the horizon are expected to further solidify Germany’s position as a leading investor in Nigeria’s energy sector, which is undergoing a transformation toward cleaner, more sustainable sources.

At last year’s forum, agreements were signed in renewable energy projects and gas exports, and this year’s event aims to build on that momentum.

Hilary Elegeonye, Project Manager of the Competence Centre for Energy and Environment at AHK Nigeria, stated that WACCE will attract companies from various parts of the world, with a special emphasis on a balanced mix of Nigerian and foreign participants.

“We want to ensure that Nigerian companies have the opportunity to interact with global industry leaders, exchange ideas, and boost their investments in renewable energy and environmental solutions,” Elegeonye explained.

As Nigeria continues to diversify its economy and look for sustainable growth in energy, the expanding partnership with Germany highlights the nation’s commitment to leveraging foreign investment and expertise to meet its ambitious energy goals.

With over $500 million in deals expected to be signed, the future of Nigerian-German cooperation in energy looks brighter than ever.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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FG Set to Unveil Nigeria’s Largest 15 Million-Litre Aviation Fuel Depot in Lagos

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ValueJet

The Federal Government has announced plans to unveil a 15 million-litre aviation fuel depot in Lagos State on October 17, 2024.

This announcement was made by the Group Managing Director of Masters Energy and Chairperson of the JUHI-2 Board, Mrs. Patience Dappa, via a statement on Thursday.

Dappa revealed that the Joint User Hydrant Installation 2 (JUHI-2), which she described as the largest airside jet fuel depot in Nigeria, will mark a significant transformation for the nation’s aviation sector.

She disclosed that the facility will be located near Murtala Muhammed International Airport, Lagos, and will serve as a storage and supply hub for the airport and other nearby airbases.

Dappa stated, “The Nigerian aviation industry is poised for a significant transformation with the upcoming commissioning of the Joint User Hydrant Installation 2, the country’s largest airside jet fuel depot. The facility will officially open on October 17, 2024, at the JUHI-2 Facility located off the Murtala Muhammed International Airport road, Lagos.

“The depot will serve as a crucial storage and supply hub for jet fuel, ensuring a steady fuel supply to Murtala Muhammed International Airport, MMA2, MMA1, and nearby airbases.”

Meanwhile, the Managing Director/Chief Executive Officer of Eterna Plc and Chairman of the JUHI-2 Commissioning Committee, Abiola Lawal, described the facility as a state-of-the-art depot, adding that it will meet fuel demands and enhance aviation operations in the country.

Lawal revealed that the depot will be unveiled by the Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, and the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri.

According to him, “This state-of-the-art depot will significantly enhance aviation operations, meeting the fuel demands of a wide range of flight activities.

“The commissioning event will be attended by key stakeholders from the aviation and energy sectors and will be officially presided over by the Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, SAN, and the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri.

“JUHI-2 is a joint venture between Eterna Plc, Masters Energy, Techno Oil, Quest Oil, Rahamaniyya, Ibafon Oil, and First Deep Water Limited.

The facility spans 46,000 square meters and boasts a storage capacity of 15 million litres of Jet A1 fuel.

“Its cutting-edge design includes the latest filtration systems, the ability to load four bowsers simultaneously, a jet fuel discharge system with four dedicated trucks, a modern laboratory, and state-of-the-art fire prevention measures. The depot’s advanced operational support facilities position it as the best of its kind in Nigeria.”

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FG Says Oil Marketers Can Now Buy Petrol Directly From Dangote Refinery

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Petrol Importation - investorsking.com

The Federal Government has said all petroleum marketers can now negotiate and buy products directly from the Dangote Refinery, Lagos.

A statement by the Ministry of Finance indicated that the decision to allow oil marketers to deal directly with the refinery firm was reached at a meeting of the technical committee headed by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.

The meeting was held in Abuja on Friday.

The leeway given by the Federal Government has ended the arrangement in which the Nigerian National Petroleum Company Limited (NNPCL) was acting as the sole off-taker of the Dangote Refinery products.

Edun said its decision followed the directive of the Federal Executive Council (FEC) and the implementation of the new Naira-based sales mechanism, adding that the Implementation Committee on the Sales of Crude Oil and Refined Products in Naira, of which he chaired held its second review meeting on Wednesday, October 10, 2024.

He said the meeting focused on assessing the transition towards a deregulated market structure for Premium Motor Spirit (PMS) and addressing the change in the purchasing model for petroleum product marketers.

Giving key update on New Direct Purchase Model, the minister said the most significant change under the new regime is that petroleum product marketers can now purchase PMS directly from local refineries, saying that this marks a departure from the previous arrangement where the NNPCL served as the sole purchaser and distributor of PMS from the refineries.

According to him, “This direct purchasing mechanism allows marketers to negotiate commercial terms directly with the refineries, fostering a more competitive market environment and enabling a smoother supply chain for petroleum products.

“Local Production of PMS: With the commencement of local PMS production, the market is better equipped to support these direct transactions. This transition is expected to enhance efficiency in product availability and stabilize market conditions for the benefit of all Nigerians.”

Edun stated that the committee recognizes that there are questions and discussions regarding this change in the market structure, adding, “We are committed to providing clarity on this development and will continue to engage with stakeholders to ensure a seamless transition process the Minister informed.”

He described the direct purchase of PMS by petroleum product marketers as a new era of growth and development for Nigeria’s petroleum industry and reassured stakeholders that the Committee will continue to provide clarity and engage with stakeholders to ensure the success of this new regime.”

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Oil Sector Receives $50 Billion Investment Commitment, Minister Lokpobiri Commends Tinubu

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Heineken Lokpobiri

The Minister of Petroleum (Oil), Heineken Lokpobiri, has hailed President Bola Ahmed Tinubu for his efforts at securing over $50 billion worth of investment commitment in the oil sector.

Speaking during an interactive session with members of the Nigerian Guild of Editors on Wednesday, the Minister said the investment is evidence of the Federal Government and the ministry’s efforts at improving the economic productivity of the sector.

He revealed that with investments from International Oil Companies (IOCs) and Indigenous Petroleum Producers Group (IPPGs), the country has already increased production from one million barrels per day to 1.5 million per day.

The Minister reaffirmed the government’s willingness to continue working harmoniously with both International and indigenous firms.

He said“With $50 billion in investments expected, it is evident that our efforts to attract more investment and promote divestment in the oil sector, aimed at ramping up production, are yielding results. And we are not stopping yet.

“We have moved production from the 1 million barrels per day (mbpd) I met on the ground to 1.5 mbpd, though our target is to go beyond that, and we are on course. Achieving this has required significant investment from International Oil Companies (IOCs) and Indigenous Petroleum Producers Group (IPPGs), and we are working harmoniously.

“Thanks to President Tinubu’s support, we have successfully secured new investment and divestment deals, which the President referenced in his Independence Day speech. These investments are crucial, and we will continue to push forward in this direction,” Lokpobiri said.

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