Qatari Investments In Nigeria Expected To Exceed ₦500 Billion

Dr. Ali Al-Hajri, the Ambassador of the State of Qatar to Nigeria, says his country has increased its efforts to increase investment in Nigeria, with a target of N500 billion by the end of the year.

Al-Hajri stated this at the Qatar-Nigeria Economic Forum on Friday in Abuja, calling it the most important economic event between the two countries.

According to him, Qatari public and private investors are eager to find more opportunities between the two countries to increase trade volume, technology transfer, and the level of bilateral relations.

He stated that the Forum, sponsored by Qatar Development Bank, would provide Qataris and Nigerians with potential opportunities to build bridges of cooperation and partnerships in economic, cultural, and social sectors.

“We anticipate that Qatari investment in Nigeria will exceed N500 billion by the end of this year” (one billion dollars).

“This forum contributes to the creation of a platform for all participants that reflects the wise leadership represented by the Emir of Qatar, Tamim Al Thani, and President Muhammad Buhari to deepen bilateral relations,” Al-Hajri said.

Speaking on “Available Opportunities to Collaborate in the Science and Technology Sector,” Minister of State Science, Technology, and Innovation (STI) Mohammed Abdullahi stated that Qatar has made significant progress in the field of STI and called for more Qatari investment in the sector.

“We should collaborate more in science and technological development, R&post-service agro-allied food processing, medicals, pharmaceuticals, Nanotechnology, and the methanol industry.”

In addition, he emphasized the importance of investing in renewable energy, leather technology, vaccine development, space science technology, manufacturing, capacity building, and technology transfer.

Dr. Uchechukwu Oga, Minister of State for Mines and Steel Development, stated that Nigeria is an appealing investment destination for global investors, including those from Qatar.

According to Oga, Nigeria has the largest economy in Africa, with a GDP of $514 billion dollars and a 57% economically active population, as well as over 44 minerals in commercial quantities in various locations.

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

“With the goal of industrializing Nigeria, the government is increasing private sector investment in the mining sector,” Oga said.

Mr. Ali Alkuwari, Manager of Qatar Development Bank, stated that Qatar aimed to build a diverse economy by enhancing and improving competitive products and services in the global market.

“Our goal is to promote export development, export promotion, and matchmaking events like the one that took place recently in Lagos.”

“Qatar provides exporters with access to finance and supports service companies in their collaboration with their counterparts in Nigeria,” Alkuwari explained.

According to Reports, the event was also attended by the Minister of Health, Osagie Ehanire, the Minister of State for Industry, Trade, and Investment, Maryam Katagum, and the Ambassador of Nigeria to Qatar, Yakubu Abdullahi, among others.