N4.2tn Foreign MoUs Signed Under Tinubu – Report

N4.2tn Foreign MoUs Signed Under Tinubu – Report

The Nigerian government has entered into 26 Memoranda of Understanding (MoUs) with foreign countries and agencies over the past year, according to a recent report. These agreements span various sectors including infrastructure, education, trade, tourism, security, technology, culture, energy, and sports, with a total value exceeding N4.2 trillion. The actual figure could be higher, as some agreements lacked specified values in the documents provided by the Ministry of Foreign Affairs……. CONTINUE READING

Key agreements include a trade enhancement MoU with India signed in February 2024, a $500 million renewable energy and gas deal with Germany in November 2023, and a nuclear energy MoU with Russia signed on September 27, 2023. In the infrastructure sector, Nigeria secured a $2 billion MoU with China on October 20, 2023, and another agreement for a $150 million lithium-ion battery factory on December 9, 2023.

Education-focused MoUs were signed with Russia and Qatar on December 22, 2023, and March 3, 2024, respectively. Nigeria also signed several trade and investment agreements, including one with India to boost trade volumes and another with Qatar to establish a joint business council.

In security, Nigeria signed two agreements with the United Nations Office on Counter-Terrorism on August 30, 2023, and an MoU with the United States on January 30, 2024, to train police commanders.

Cultural preservation was addressed through an MoU with the United States on February 16, 2024, focusing on a UNESCO Cultural Heritage Site. In technology, Nigeria secured a $600 million I-DICE Financial Agreement with France on November 3, 2023.

In related news, the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, recently met with foreign ministers from Sweden, Finland, Iceland, Norway, and Denmark to discuss strengthening ties and cooperation. The discussions also touched upon Nigeria’s efforts in renewable energy and the ongoing support for regional stability and development.

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