Qatari investment in Nigeria to hit N500bn this year, says envoy

The Qatari government says it has stepped up efforts to boost investment in Nigeria with expectations to hit about N500 billion this year.

Ali Al-Hajri, ambassador of the state of Qatar to Nigeria, disclosed this on Friday at the Qatar-Nigeria Economic Forum in Abuja.

He said public and private investors from Qatar are looking forward to finding more opportunities between the two countries in trade and technology transfer.

“We are expecting that the Qatari Investment in Nigeria would reach by the end of this year more than N500 billion ($1 billion),” he said.

According to him, through the forum — sponsored by Qatar Development Bank (QDB) — Qataris and Nigerians would find potential opportunities to build bridges of cooperation and partnerships in economic, cultural, and trade fields.

“This forum plays a role in creating a platform for all participants which reflects the wise leadership represented by the Emir of Qatar, Tamim Al Thani, and President Muhammad Buhari to deepen the bilateral relations,” Al-Hajri added.

Mohammed Abdullahi, minister of state science technology and innovation (STI), who spoke on opportunities to collaborate in the science and technology sector, said Qatar had made significant progress in the area of STI and called for more Qatari investment in the sector.

“We should have more collaboration in science and technological development, R&D, post-service agro-allied processing of food, medicals, pharmaceuticals, Nanotechnology, methanol industry in Nigeria and machinery for mining agriculture,” Abdullahi said.

He also emphasised the need for investment in renewable energy, leather technology, vaccine development, space science technology, manufacturing, capacity building, and technology transfer.

On his part, Uchechukwu Oga, minister of state for mines and steel development, said that Nigeria was an attractive investment destination for global investors, including those from Qatar.

The minister said that Nigeria was the largest economy in Africa with a GDP of $514 billion and a 57 percent economically active population with over 44 minerals in commercial quantities in different locations.

“We have open doors for more entrants into the Nigerian economy, and we welcome Qatar investment as a sure way for the diversification of the Nigerian economy to create jobs for millions,” he said.

“The government is increasing private sector investment in the mining sector to industrialise Nigeria.”

Ali Alkuwari, manager, QDB, said Qatar aims to build a diverse economy by enhancing and improving products and services that are competitive in the global market.