Qatar Commits $300bn to Boost Nigeria’s Economy
A Qatari business delegation, led by a member of the country’s ruling family, Sheikh Abdulrahman Hamad N. H. Al-Thani, has announced plans to invest about $300 billion in various sectors of the Nigerian economy over the next decade.
The delegation announced this at the weekend in Lagos at a reception organised for its members by Elan Vert Nigeria Limited.
The visit is regarded as one of the most significant potential foreign direct investment (FDI) pledges in Nigeria’s recent history.
The Chairman of Elan Vert Nigeria Limited, Princess Adebowale Odutola, described the development as a “historic moment” for Nigeria and a reflection of investor confidence in the reforms championed by President Bola Ahmed Tinubu’s administration.
“Today, we’re making history in Nigeria. We have investors who love Nigeria and have come to explore what we have in the country. They’re investing about $300 billion in various sectors of the economy, including aviation, agriculture, renewable energy, infrastructure, oil and gas, mining…
“They are from Qatar. Before the last World Cup in their country, investors were flocking to Qatar to capitalise on its potential. After the World Cup, they decided to look elsewhere to reinvest their profits, and Nigeria is the latest bride.
“Let me quote them: ‘If you do not invest in Nigeria between now and the next 10 years, you’re locked out.’ After that, there will be nothing to invest in again in Nigeria, because by then we’ll be reaping our returns on equity,” Odutola said.
According to her, the delegation will go to Abuja to evaluate the sectors they need to engage with to kick-start their investment journey in the country.
“So, tell me, who says President Bola Ahmed Tinubu’s administration is not working? The investors are coming in because of the potential they see, based on the reforms being carried out by the administration,” she added.
Expressing optimism, Princess Odutola said people will start buying Nigerian passports 10 years from today, describing the Qatari investment as a turning point in the country’s economic transformation.
“Let’s give ourselves 10 years, and people will begin to buy Nigerian passports; they will want to be Nigerians. The sort of foundation President Bola Ahmed Tinubu is laying will soon begin to yield dividends. The administration has paid off debts, stabilised the economy, and created an environment where investors now have confidence to come in. Nigeria is open for business,” she added.
The Chief Executive Officer of the Future Union Group, Dr. Abdelgalil Sharaf, expressed optimism about the partnership and reaffirmed the group’s confidence in Nigeria’s economic potential.
The businessman said the group was dedicated to providing comprehensive support for investments and investors across African nations.
“Its primary objective is to channel Arab funds into the development of Africa’s vast resources through strategic investment in various sectors. These initiatives are guided by sound economic and commercial principles aimed at stimulating growth and strengthening African economies.
“We are happy to be in Nigeria. We thank Princess Adebowale and the people of Nigeria for their hospitality. We are looking forward to a rich collaboration in sectors like aviation, oil and gas, and infrastructure,” he said.