The Nigerian Government has signed no fewer than 26 Memoranda of Understanding with foreign countries and agencies in the last 12 months.
The MoUs are in the areas of infrastructure, education, trade and investment, tourism, security, Information/Technology, culture, energy and gas, and sports. The MoUs are valued at over N4.2tn.
The total amount could be higher, as the worth of many of the agreements was not specified in the document obtained by our correspondent from the Ministry of Foreign Affairs.
According to the document, the government signed an MoU with India to boost the trade volume between Nigeria and India in February 2024.
Also, the country signed a $500m renewable energy and gas deal with Germany in November 2023. Nigeria also signed an MoU with Russia on nuclear energy on September 27, 2023.
On infrastructure, Nigeria signed an MoU with China on the provision of infrastructure worth about $2bn infrastructure on October 20, 2023. Also, with China, FG signed another MoU to develop and establish a $150m Lithium-Ion battery manufacturing and processing factory in Nigeria was signed on December 9, 2023.
