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Tuesday, May 18, 2021

Qatar to pump Nigeria’s economy with $5 billion investment: reports

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The two countries have agreed to enhance their bilateral relations in 2019.

Qatar is eyeing up plans to invest $5 billion into the African country’s economy, Nigerian media reported on Monday.

The Gulf state’s move is expected to boost Nigeria’s economy and encourage foreign investment in Abuja, Nigeria’s Minister of Foreign Affairs Geoffrey Onyeama revealed.

According to Nigerian newspaper This Day Live, Onyeama said the two countries held discussions over partnering with Nigeria’s Sovereign Wealth Fund [SWF].

Read also: Qatar-Turkey trade volume expected to exceed $5 billion target

‘‘Qatar is a weighty and strategic country and very strategic in that part of the world and we are putting our best feet forward to advance the interest of our country economically and in other areas,” said Onyeama, at a farewell dinner for Nigeria’s Ambassador-designate to Qatar Yakubu Ahmed.

Qatar’s investment authorities have yet to publicly announce the move.

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 royal in 2019.

Nigeria is Africa’s largest economy and top oil exporter, with crude oil sales accounting for 90% of its foreign exchange earnings.


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