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

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.