Germany Eyes Imports of Nigerian Natural Gas in Chancellor Scholz’s Visit

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Germany is eyeing imports of natural gas from Nigeria in an effort to secure and diversify its energy supply.

The German Chancellor Olaf Scholz said this during his visit on Sunday after a meeting with President Bola Ahmed Tinubu in Abuja, Nigeria’s capital.

“This will also have an impact on the global gas price. If more states offered gas on the global market, prices would decrease.

“It is important to use the capacities where they are, and that we diversify production all over the globe,” Scholz added.

President Tinubu said that given Nigeria’s sizable resources, “we are ready to encourage investments in a gas pipeline.”

Germany — which switched off its last nuclear power plants this year and weaned off Russian pipeline gas during last year’s energy crisis — will need large volumes of LNG to run its power-hungry industry. So far, Europe’s economic powerhouse gets crude oil from Nigeria, but not gas.

READ ALSO: Migration: Germany Seeks Mutual Benefits with Nigeria Via Collaboration

Scholz last year also visited Senegal, where he offered German help to open up gas fields off the coast. The West African country expects to deliver first quotas of the fuel in the second half of 2024.

READ ALSO: German Chancellor Olaf Scholz Arrives In Nigeria

This week’s trip is Scholz’s third to Africa since taking office two years ago.

Nigeria, the continent’s largest economy, also wants to make business deals in the areas of raw materials with European partners.

Scholz will travel to Ghana on Monday.

 

Bloomberg
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