Union Bank of Nigeria and Germany's DWS Group signed a memorandum of understanding (MoU) on renewable energy. The agreement seeks to harness $500 million in investment in renewable energy projects across Nigeria, mostly in rural communities, spokesperson Ajuri Ngelale said in a statement. A second MoU on gas export partnership was agreed between Riverside LNG of Nigeria and Germany's Johannes Schuetze Energy Import AG. Under the accord, Nigeria will supply 850,000 tons of natural gas to Germany annually which is expected to rise to 1.2 million. Under Tinubu, Nigeria has embarked on the boldest reforms in decades, scrapping a popular petrol subsidy and lifting restrictions on foreign exchange trading.

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Persons: Olaf Scholz, Bola Tinubu, Fabrizio Bensch, Ajuri Ngelale, Germany's Johannes, Ngelale, Tinubu, Elisha Bala, David Evans Organizations: REUTERS, Rights, Union Bank of Nigeria, Germany's DWS, Riverside, Germany's Johannes Schuetze Energy, AG, Africa, Thomson Locations: Africa, Berlin, Germany, Rights ABUJA, Nigeria, Riverside LNG, Tinubu