Germany Revives $2.3 Billion Siemens Power Deal with Nigeria Under Tinubu Administration
The $2.3 billion Siemens power deal between Nigeria and Germany was dormant until President Bola Tinubu revived it. The initiative aims to upgrade Nigeria's electricity transmission and distribution infrastructure, targeting capacity increases to 25,000 MW by 2025.
Alongside this, Germany is expanding energy cooperation with Nigeria through an Energy Support Programme, focusing on renewable energy investments. The Nigerian Upstream Petroleum Regulatory Commission reports that Nigeria has 210.54 Tcf of proven gas reserves but faces challenges in production, currently at 7.5 billion cubic feet per day, ranking around 19th globally. The Petroleum Industry Act has improved investment conditions by reducing royalty rates and clarifying fiscal terms.
