Earlier last weekend, a forum aimed at strengthening trade ties between Nigeria and Qatar hosted its first session in Lagos, Nigeria.
Governor Babajide Sanwo-Olu of Lagos State and Ambassador to Qatar Ali bin Ghanim Al Hajri attended the forum. Other senior officials from Qatar, Nigeria and heads of chambers attended the event as well as representatives from the private sector.
The Nigerian economy accounts for 90% of its foreign exchange earnings from crude oil sales. Nigeria is Africa’s largest economy and top oil exporter.
The Qatar Development Bank organized this event. During the forum, business officials review mutual investment opportunities in both countries, building an economic bridge between Qatar and Nigeria.
In his opening remarks, Sanwo-Olu stressed the significance of the event, since Qatar is among the wealthiest countries in the world and Nigeria is a developing nation.
Officials attending the event discussed cooperation in various fields, including agriculture, manufacturing, oil and gas, mining and infrastructure development.
Last year, Nigeria sought to enhance its economic cooperation with Qatar in gas development to develop its investment in the industry. Nigerian media had reported that Qatar planned to invest $5 billion into the African country’s economy.
The two countries were also in talks over partnering in Nigeria’s Sovereign Wealth Fund (SWF).
Qatar’s Amir Sheikh Tamim bin Hamad Al Thani and Nigeria’s President Muhammadu Buhari agreed to develop bilateral ties during a visit by the Qatari leader in 2019. More than 7000 Nigerians are working in the Gulf state as of 2021.
In February, Nigeria’s Minister of State for Petroleum Resources Timipre Sylva was in Qatar for the Gas Exporting Countries Forum’s (GECF) sixth Summit. Nigeria, along with the ten other members of the Forum, discussed the importance of liquified natural gas (LNG) as a transitional fuel.
If the 2015 nuclear deal with Iran is restored, Sylva added that he hoped to see gas production increase.
“We are expecting more production if a nuclear deal with Iran works out [since] there will be production from them,” he said.
