Nigeria to Receive Over $10bn from UAE in Infrastructure, Agriculture, Tech — Investopia

According to Mr. Mohamed H. Alsuwaidi, the UAE’s Minister of Investment, the country’s public and private sectors are expected to spend more than $10 billion in Nigeria’s economy in the upcoming years.

Dr. Jumoke Oduwole, Nigeria’s Minister of Industry, Trade, and Investment, stated that the nation is still a good starting point for investments and entry to the African Continental Free Trade Area (AfCFTA).

Additionally, Mr. Babajide Sanwo-Olu, the governor of Lagos State, encouraged domestic and foreign businesses to make investments in the state, stating that it is prepared and eager to collaborate with them.

They all talked yesterday at the inaugural “Investopia Global Africa,” which was held in Lagos, Nigeria, and co-hosted by the UAE and Nigeria.

The lack of investment both nations have seen in their nearly 50 years of bilateral commercial trade relations, according to Alsuwaidi, has somewhat disappointed him.

“I am surprised that we have not deployed significantly much (investments),” he continued, considering Nigeria and its potential.

“And we see a window where our size of investment should be in the tens of billions of dollars hopefully in the coming years with this government (President Bola Ahmed Tinubu’s administration).”

According to Alsuwaidi, depending on legislative frameworks, the UAE sees countless prospects in Nigeria for industries, infrastructure, entertainment, financial services, public transportation, utilities, power, mining, warehousing, wastewater recycling, and agricultural lands for product export.

“I see a lot of possibilities. However, translating them requires obtaining knowledge to make informed decisions and being able to locate a government or private sector partner.

“I don’t believe that trust is a problem. However, there is a problem with market comprehension. We have hundreds of businesses in the room to trade cards and make some friends with, which is why I said this event could be the most important,” he continued.

However, he stated that he would prefer that the investments be made by the private sector through the development of stronger commercial ties between Nigeria and the United Arab Emirates.

“I am not against government working,” he said. However, I believe that more business needs to be done in the private sector.

“Investors from the United Arab Emirates wish to collaborate with both the public and private sectors.”

Transparency is the most crucial route to success, he said, adding that the UAE would prioritize short-term gains.

“Some outstanding projects require years to complete. However, there are low-hanging fruits that could be put to death.

Let’s concentrate on the low-hanging fruit, I will remark. Let’s attempt to establish connections with the commercial sector. And let’s be open about large-scale projects.

Oduwole stated in her speech that Nigeria offers a wide range of investment prospects, including financial services, agribusiness, AI, technology, data centers, vital networth infrastructure, and 44 solid minerals in commercial quantities throughout the nation.

She added that there were other investment opportunities in Nigeria in the areas of tourism, infrastructure, oil and gas, aviation, real estate development along the Coastal Road, and Free Economic Zones that we are revamping with laws.

“I will say that Nigeria is a strong board landing to access the AfCFTA,” Oduwole stated.

“We are welcoming new friends and strategic old friends across the world to join us to take this economy to a $1 trillion economy,” the statement said, “so the UAE’s investors should feel free to look at Nigeria as a hub to enter the African region.”

She stated that although the Gulf region and the United Arab Emirates have capital, their demographics and investment space are modest.

However, I envision areas with greater returns in Africa, especially in Nigeria.

“Your money will be secure here. The development of the legal framework has taken time. G2G (government-to-government) trust has increased over the past several years, and we have taken the effort to make sure of it.

“We are here to take the capital and to help you. Every obstacle presents a chance. The business world is prepared to welcome you.

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Newspaper Oduwole declared, “On behalf of my President and the Nigerian private sector, I am personally committing that we will facilitate these deals to make sure they are done properly.”

Sanwo-Olu stated that the State was prepared and willing to collaborate with both domestic and foreign investors, and he encouraged them to do so.

He reassured them of his administration’s dedication to supplying the State’s enterprises with infrastructure and a safe and secure environment.

Sanwo-Olu claims that during the final six and a half years of his presidency, Lagos has built infrastructure in a variety of industries throughout the State and was prepared to collaborate with investors to bring further benefits to the populace.

“Because all of those investments ultimately sit at the sub-national level, Lagos is positioning itself, leading the Nigerian conversation, and we are receiving tremendous support from the federal government.”

“I want to reassure all of our investors, both domestic and foreign, that Lagos is a ready and willing partner. We are getting rid of any red tapes that may be there. Additionally, we want to take a back seat and allow the companies manage themselves. The atmosphere for security is secure, safe, and sound.

“Lagos State invested in the nation’s largest deep port, Lekki Port.” Additionally, we are actually investing in the Badagry Port. It all comes down to forming alliances and fostering a supportive atmosphere.

The federal government is supporting Lagos State’s plans to construct a second international airport. That’s also looking ahead.

“In order to guarantee that all of the markets involved in agribusiness can sit in Lagos and function effectively, Lagos State is also planning to construct the largest logistics hub,” he continued.

Through the Lagos International Financial Center (LIFC), a joint venture between EnterpriseNGR and the Lagos State Government, Sanwo-Olu also discussed his administration’s dedication to strengthening the state and national economies.

“We have had extensive conversations around the path of the Lagos International Financial Centre (LIFC),” he stated. This adventure began in 2023. It won’t be unveiled for another eight months to a year. The level of support we are getting from around the world is what makes it so beautiful.

In order to create a model that is both Nigerian and truly African, we are attempting to learn from other places.

In reality, we are thinking on a global scale. We are considering ways to stay robust, competitive, and able to compete on the same level of platforms as other major cities and global markets.

He said, “The Lagos International Financial Center we are talking about is not just about Lagos; it is really a conversation about Nigeria, but it has to be in a city and a place where it can also be attractive and be ready to unlock the investment.”

Nigeria was the first African nation to host Investopia, which links global capital to the UAE economy, according to Dr. Jean Fares, CEO of Investopia, in his welcome speech.

According to Fares, the purpose of all of our meetings is to further international discussions and to translate those discussions into partnerships and investments.

“This is Africa’s first Investopia. We intended for it to happen in Nigeria at the start of the year.

According to him, the event was centered on financial, logistical, and infrastructure solutions that could mobilize large amounts of capital as well as a robust supply chain for the faltering global economy.

According to Ambassador Nura Abba Rimi, the Permanent Secretary of FMITI, Tinubu’s administration’s economic reform has produced an atmosphere that is conducive to investment.

“We have no doubt that the discussions and interactions that will occur today will significantly strengthen the economies of our two nations and our bilateral ties,” Rimi stated.

The Chief Executive Officer and Managing Director of First E&P, Mr. Ademola Adeyemi-Bero, and the Founder and Managing Partner of Digital Energy, UAE, signed a Memorandum of Understanding during the ceremony.