Qatar Set To Invest $5 Billion Into Nigeria's Economy

Oil-rich Qatar is set to invest the sum of $5 billion into the Nigerian economy, according to the Federal Government.

This was disclosed by the Minister of Foreign Affairs, Geoffrey Onyema at a farewell dinner in honor of Nigeria's Ambassador to Qatar, Ambassador Yakubu Ahmed, who doubles as the Director of Protocol at State House.

Nigeria has been vying for the investment since 2016 when President Muhammadu Buhari visited Qatar. In 2019, the leader of the Arab country, Emir Tamim Bin Hammad Al-Thani visited Nigeria, and partnership discussions were held during these two visits. The Federal Government has been interested in Nigeria's Sovereign Wealth Fund.

In a speech, Emir Al-Thani stated, "We share a lot of similarities in different areas. We need to enhance bilateral trade and economic cooperation. We are willing to do a lot more with Nigeria, and will continue to work on investment opportunities of mutual benefit." 

Geoffrey Onyeama, the minister, said that Nigeria was doing all it could to secure the investment with Qatar and build an alliance, as the oil-rich country was strategic to Nigeria's financial growth.

In the speech, he said, "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.” 

This investment will significantly improve Nigeria's economic development and propel the country further in its search for foreign investment. It will also improve diversification efforts as the funds will be invested in different areas ranging from manufacturing to oil and gas etc.

Qatar has the third-largest reserve of oil and gas in the world with a population of just about 2.88 billion. It's the richest country in the world, and its wealth is dependent on petroleum and natural gas, which accounts for 70 percent of total government revenue and 85 percent of export earnings.