• AutoTL;DR@lemmings.worldB
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    7 months ago

    This is the best summary I could come up with:


    ABUJA, Nov 21 (Reuters) - Nigerian and German companies on Tuesday signed two accords in Berlin that include a $500 million renewable energy pact and a gas export deal, further strengthening economic ties between the two nations, a presidential spokesperson said.

    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.

    On Monday German Chancellor Olaf Scholz said Germany will invest 4 billion euros in green energy projects in Africa until 2030, noting these could in turn help Europe’s largest economy achieve its own transition to carbon neutrality.

    Germany will need to import large quantities of green hydrogen going forward, including from Africa, if it is to achieve its goal of net zero emissions by 2045, he said at a German-African business forum in Berlin.

    The forum preceded the G20 Compact with Africa summit that aims to drum up investment in the world’s poorest but fast-growing continent by coordinating the development agendas of reform-minded countries and identifying business opportunities.

    Tinubu is seeking to make Nigeria attractive to investors as he strives to revive its economy that is weighed down by sluggish growth, record debt, double-digit inflation and theft of crude oil, its main export.


    The original article contains 370 words, the summary contains 210 words. Saved 43%. I’m a bot and I’m open source!