The government and private sector of the United Arab Emirates (UAE) are expected to spend more than $10 billion in the Nigerian economy in the upcoming years, according to projections made by Mr. Mohamed H. Alsuwaidi, the UAE’s Minister of Investment.
Dr. Jumoke Oduwole, Nigeria’s Minister of Industry, Trade, and Investment, stated that the nation is still a good starting point for investment and entry to the African Continental Free Trade Area (AfCFTA).
Additionally, Lagos State Governor Mr. Babajide Sanwo-Olu encouraged both domestic and foreign businesses to make investments in the state, stating that it is prepared and eager to collaborate with them.
In Lagos, Nigeria, yesterday, they all spoke at the first “Investopia Global Africa,” which was co-hosted by the UAE and Nigeria.
Considering the low level of investment both nations have seen in their nearly 50 years of bilateral commercial trade relations, Alsuwaidi expressed some disappointment.
“Considering Nigeria and its potential, I am surprised that we have not deployed significantly much (investments),” he continued.
“And we see a window where our size of investment should be in the tens of billions of dollars, hopefully in the coming years, with this government (President Bola Ahmed Tinubu’s administration).”
According to Alsuwaidi, depending on legislative frameworks, the UAE sees countless prospects in Nigeria for industries, infrastructure, entertainment, financial services, public transportation, utilities, power, mining, warehousing, and wastewater recycling.
“I see many opportunities. However, translating them requires obtaining information to make informed decisions and locating a government or commercial sector partner.
“In my opinion, trust is not a problem. But it’s a problem to grasp the market. Because there are hundreds of businesses there, we may exchange cards and form friendships, which is why I stated that this event could be the most important one,” he continued.
However, he stated that he would prefer that the investments be made by the private sector through the development of stronger economic ties between Nigeria and the United Arab Emirates.
“I am not against government working,” he declared. However, I believe that more agreements need to be made at the private sector level.
“Investors from the United Arab Emirates want to collaborate with both the public and private sectors.”
He stated that the UAE would prioritize short-term gains and that transparency is the most crucial route to success.
“Some excellent projects take years to complete. Low hanging fruits, however, may be put to death.
So let’s concentrate on those low-hanging fruit, I’ll say. Let’s make an effort to connect with the private sector. And let’s be open about big initiatives.
Oduwole stated in her speech that Nigeria offers a wide range of investment prospects, including financial services, agribusiness, AI, technology, data centers, vital networth infrastructure, and 44 solid minerals in commercial quantities throughout the nation.
“Other investment opportunities in Nigeria include tourism, oil and gas, aviation, infrastructure, real estate development along the Coastal Road, and Free Economic Zones that we are repurposing with regulations,” she said.
According to Oduwole, Nigeria is a good candidate to join the AfCFTA.
“We are welcoming new friends and strategic old friends across the world to join us to take this economy to a $1 trillion economy,” the statement continued. “Therefore, the UAE’s investors should feel free to look at Nigeria as a hub to enter the African region.”
The UAE and the Gulf region have capital, but their people and investment space are modest, according to her.
However, I envision areas in Africa with better returns, especially in Nigeria.
“Your money will be secure here.” We have built the legal framework over time. We have taken the time to make sure that the government-to-government (G2G) trust has increased in recent years.
“We are here to take the capital and support you.” Every obstacle presents an opportunity. The workplace is prepared to receive you.
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Newspaper Oduwole stated, “On behalf of my President and the Nigerian private sector, I am personally committing that we will facilitate these deals to make sure they are done properly.”
According to Sanwo-Olu, the State is prepared and eager to collaborate with both domestic and foreign investors.
He reassured them of his administration’s dedication to providing the State’s enterprises with infrastructure and a safe and secure environment.
In the final six and a half years of his presidency, Sanwo-Olu claims that Lagos has built infrastructure in a variety of areas throughout the State and was prepared to collaborate with investors to further benefit the populace.
“At the end of the day, all those investments sit at the sub-national level, so Lagos is positioning itself, leading the Nigerian conversation, and we are receiving tremendous support from the federal government.”
“I want to reassure our local and foreign businesses that Lagos is a ready and willing partner. We are taking out the red tapes, whatever they may be. Additionally, we wish to take a backseat and allow the companies manage themselves. There is safety, soundness, and security in the security environment.
The largest deep port in the nation, Lekki Port, received funding from Lagos State. Additionally, we are investing in the Badagry Port. It all comes down to forming alliances and fostering a supportive environment.
The federal government is supporting Lagos State’s plans to construct an additional international airport. That is also looking ahead.
“Lagos State also intends to construct the biggest logistics center, which will guarantee that all agribusiness markets can operate effectively in Lagos,” he continued.
Sanwo-Olu also discussed the Lagos International Financial Center (LIFC), a joint venture between EnterpriseNGR and the Lagos State Government, and how his government is dedicated to strengthening the State and national economies.
“We have had extensive conversations around the path of the Lagos International Financial Center (LIFC),” he stated. This adventure began in 2023. Eight months to a year remain before we ultimately reveal it. The beauty of it is how much support we are getting from throughout the world.
“We are attempting to learn from other locations in order to create a model that would be both Nigerian and truly African, suitable for all.
“In reality, we are thinking internationally. Our focus is on how to stay resilient, competitive, and able to compete on the same level of platforms as other major cities and regions throughout the globe.
He said, “The Lagos International Financial Centre we are talking about is not just about Lagos; it is really a conversation about Nigeria, but it has to be in a city and a place where it can also be attractive and be ready to unlock the investment.”
Dr. Jean Fares, the CEO of Investopia, stated in his welcome speech that Nigeria was the first African nation to host Investopia, which links the UAE economy with global finance.
“The goal of all our meetings is to strengthen international discussions and to translate those discussions into partnerships and investments,” Fares stated.
Our first Investopia in Africa is this one. It was our preference that it happen in Nigeria and at the start of the year.
According to him, the event was centered on financial, logistical, and infrastructure solutions that can mobilize large amounts of capital as well as a robust supply chain for the faltering global economy.
“The economic reform of Tinubu’s administration has created an enabling investment environment,” stated Ambassador Nura Abba Rimi, Permanent Secretary of FMITI.
Rimi expressed confidence that the discussions and interactions that will occur today will significantly boost the economy and bilateral ties between our two nations.
Additionally, at the ceremony, Mr. Ademola Adeyemi-Bero, the CEO and Managing Director of First E&P, and the Founder and Managing Partner of Digital Energy, UAE, signed a Memorandum of Understanding.
