Mr. Mohamed H. Alsuwaidi, the United Arab Emirates’ (UAE) Minister of Investment, has predicted that over $10 billion will be invested in Nigeria’s economy over the next several years by the UAE’s public and private sectors.
Dr. Jumoke Oduwole, Nigeria’s Minister of Industry, Trade, and Investment, stated that the nation is still a solid starting point for investment and entry to the African Continental Free Trade Area (AfCFTA).
Additionally, Mr. Babajide Sanwo-Olu, the governor of Lagos State, encouraged foreign and local businesses to make investments in the state, stating that it is prepared and eager to collaborate with them.
They all spoke during the inaugural “Investopia Global Africa” held in Lagos, Nigeria, which was co-hosted by the UAE and Nigeria.
Alsuwaidi expressed some disappointment over the lack of investment both nations have seen in their nearly 50 years of bilateral economic cooperation.
In light of Nigeria’s potential, he continued, “I am shocked that we haven’t made a lot of investments.”
“And I believe that under this administration of President Bola Ahmed Tinubu, we see a window where our size of investment should be in the tens of billions of dollars, hopefully in the coming years.”
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, wastewater recycling, and agricultural land for product export.
“I see a great deal of potential. However, interpreting them requires obtaining knowledge to make informed choices and being able to locate a government or private sector partner.
Trust is not a problem, in my opinion. Understanding the market, however, is a problem. For that reason, I mentioned that this event could be the most important one because there are hundreds of businesses present for us to trade cards and establish friendships with,” he continued.
However, he stated that he would rather see the investments come from the private sector by strengthening the UAE-Nigeria business-to-business ties.
He said, “I have nothing against working for the government. However, I believe that more transactions at the private sector level need to be completed.
“The investors in the United Arab Emirates wish to collaborate with both the public and private sectors.”
He stated that transparency is the most crucial route to success and that the UAE would prioritize short-term gains.
Great undertakings may take years to complete. It is possible to execute low-hanging fruit, though.
I shall thus suggest that we concentrate on such low-hanging fruit. Let’s endeavor to establish connections with the commercial sector. And let’s be open about large-scale initiatives.
According to Oduwole, Nigeria offers a wide range of investment prospects, including financial services, agribusiness, AI, technology, data centers, critical networth infrastructure, and 44 solid minerals in commercial quantities throughout the nation.
She stated that real estate development along the Coastal Road, tourism, infrastructure, oil and gas, aviation, and Free Economic Zones that we are revamping with laws were among the other investment opportunities in Nigeria.
Nigeria is a strong board landing to access the AfCFTA, Oduwole stated.
“So the UAE’s investors should feel free to look at Nigeria as a hub to enter the African region,” the statement continued. “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 Gulf region and the United Arab Emirates, she noted, have capital but little investment space and population.
However, I see opportunities in Africa, especially in Nigeria, where the returns are larger.
“Here, your capital will be secure. To construct the legal framework, we have taken our time. In recent years, we have taken the time to make sure that there is a growing level of government-to-government (G2G) trust.
“We want to seize the capital and are here for you. Every difficulty is a chance. It’s time to enter the business world.
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Newspaper Oduwole declared, “On behalf of my President and the Nigerian private sector, I am personally committing that we will facilitate these deals to ensure they are done properly.”
Sanwo-Olu said the state was prepared and willing to work with foreign and local investors, and he encouraged them to do so.
He gave them assurances about his administration’s dedication to building infrastructure and creating a safe and secure business climate in the state.
According to Sanwo-Olu, Lagos has built infrastructure in a number of sectors around the State during the previous six and a half years of his administration and was prepared to collaborate with investors to bring further benefits to the populace.
“Because all of those investments ultimately reside at the sub-national level, Lagos is positioning itself, leading the Nigerian discourse, and we are receiving enormous backing from the federal government.
Lagos is a willing and prepared partner, I want to reassure all of our domestic and foreign investors. We’re getting rid of whatever red tapes are out there. We also want to take a back seat and let the companies do their own thing. It is a secure, safe, and sound atmosphere.
“Lagos State invested in the nation’s largest deep port, Lekki Port. In the Badagry Port, we are also actually investing. It is all about forming alliances and fostering an environment that is supportive.
“Lagos State is preparing to construct a second international airport with federal government backing. That also looks to the future.
According to him, Lagos State also intends to construct the biggest logistics center, which will guarantee that all of the agriculture markets can operate effectively from Lagos.
Sanwo-Olu also discussed the Lagos International Financial Center (LIFC), a joint venture between EnterpriseNGR and the Lagos State Government, and his administration’s dedication to strengthening the State and national economies.
“We have had extensive conversations about the path of the Lagos International Financial Center (LIFC),” he stated. In 2023, we began this voyage. To finally present it, we still have eight months to a year left. The extent of the worldwide support we are getting is what makes it so beautiful.
In order to create a model that is both Nigerian and truly African, we are attempting to learn from different areas.
“In reality, we have a global perspective. We are considering how we may continue to be robust, competitive, and able to compete on the same footing as other major cities and global markets.
He went on, “The Lagos International Financial Center 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.”
Nigeria is the first African nation to host Investopia, which links the UAE economy with global finance, according to Dr. Jean Fares, CEO of Investopia, who gave the welcome speech.
The purpose of all of our meetings, according to Fares, is to further international discussions and to translate those discussions into partnerships and investments.
In Africa, this is our first Investopia. We wanted it to happen in Nigeria, and we wanted it to happen early this year.
Infrastructure, logistics, and financial systems that can mobilize large amounts of capital and a robust supply chain for the faltering global economy, he said, were the main topics of discussion.
An enabling investment climate has been established by Tinubu’s administration’s economic reform, according to Ambassador Nura Abba Rimi, Permanent Secretary of FMITI.
According to Rimi, “we are sure that the discussions and interactions that will occur today will significantly strengthen the economies of our countries and our bilateral relationship.”
A Memorandum of Understanding was also signed during the occasion between Mr. Ademola Adeyemi-Bero, the CEO and Managing Director of First E&P, and the Founder and Managing Partner of Digital Energy, UAE.
