The Minister of Investment for the United Arab Emirates (UAE), Mr. Mohamed H. Alsuwaidi, has revealed that both the government and private sector of the UAE are projected to invest more than $10 billion in Nigeria's economy over the next few years.
This announcement coincides with remarks from Nigeria’s Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, emphasizing that Nigeria serves as a pivotal entry point for investments to access the African Continental Free Trade Area (AfCFTA).
Furthermore, Lagos State Governor, Mr. Babajide Sanwo-Olu, encouraged both local and international investors to consider the state for investment, affirming the readiness of his administration to collaborate.
These discussions took place on Monday during the inaugural "Investopia Global Africa" summit co-held by Nigeria and the UAE in Lagos.
Alsuwaidi expressed disappointment regarding the modest level of investments recorded over nearly 50 years of bilateral trade relations between the two nations. He stated, "Reflecting on Nigeria and the potential that is here, I am surprised that we have not deployed significantly much (investments)."
He added, "With the current government under President Bola Ahmed Tinubu, we anticipate investments should reach tens of billions of dollars in the near future."
Alsuwaidi highlighted numerous sectors in Nigeria ripe for investments, including industries, infrastructure, entertainment, financial services, agricultural exports, public transport, utilities, power, and mining, depending on appropriate legal frameworks.
Speaking about the investment landscape, he noted, "I see many opportunities. However, turning them into reality relies on acquiring information for informed decisions and establishing partnerships with either government or the private sector."
Additionally, he suggested that while governmental involvement is beneficial, the focus should primarily be on fostering private sector collaboration, encouraging deeper business relationships between the UAE and Nigeria.
"The UAE investors are keen to work with both the government and the private sector," he remarked, underscoring the necessity of transparency and swift initiatives.
Oduwole underscored that Nigeria boasts extensive investment prospects across various sectors, including 44 commercially viable solid minerals, agribusiness, artificial intelligence, technology, data centers, critical infrastructure, and financial services.
She identified additional investment areas such as tourism, real estate development along coastal paths, oil and gas, aviation, and Free Economic Zones that are being revamped with new regulations.
Oduwole remarked, "Nigeria is a robust landing base for the AfCFTA, and we invite UAE investors to see Nigeria as a gateway to the African market." She stated that Nigeria is eager to welcome both new and returning partners globally to elevate the economy towards becoming a $1 trillion economy.
She further stressed that Nigeria possesses a well-developed legal framework ensuring the safety of investments, built on years of establishing trust between governments.
Sanwo-Olu reiterated Lagos State's readiness to partner with investors, assuring them of his administration’s commitment to enhancing infrastructure and ensuring a secure environment for businesses.
He highlighted the State's investment in the Lekki Port, which is considered the largest deep port in Nigeria, and mentioned plans for the construction of another international airport and a significant logistics hub to facilitate agribusiness activities.
The governor also discussed the Lagos International Financial Center (LIFC), an initiative aimed at enhancing the state and national economy. He indicated that the LIFC is part of a broader effort to make Lagos competitive on a global scale.
In his welcome address, Dr. Jean Fares, Chief Executive of Investopia, noted that Nigeria is the first African nation to host the Investopia summit, aimed at linking global capital to the UAE economy.
Fares expressed that the event is designed to deepen global dialogues and transform discussions into investment partnerships. He emphasized the focus on infrastructure, logistics, and financial systems that can mobilize capital effectively amid a fluctuating global economy.
The Permanent Secretary of FMITI, Ambassador Nura Abba Rimi, highlighted the economic reforms under President Tinubu's administration that are cultivating a favorable investment environment.
He expressed confidence that the dialogues and interactions during the summit would significantly strengthen the economies and bilateral relationships between the UAE and Nigeria.
The event also marked the signing of a Memorandum of Understanding between the Founder and Managing Partner of Digital Energy, UAE, and the Chief Executive Officer and Managing Director of First E&P;, Mr. Ademola Adeyemi-Bero.
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