The FG has disclosed that the Middle-East nation of Qatar is set to invest in the Nigerian economy the sum of $5 billion.

The Federal Government has said that the oil-rich state of Qatar plans to invest $5 billion in the Nigerian economy.

According to a statement by the Deputy Director of Information, State House, Mr Abiodun Oladunjoye, this disclosure was made by the Federal Minister of Foreign Affairs, Geoffrey Onyema, while speaking at a farewell dinner in honour of Nigeria’s Ambassador-designate to the state of Qatar, Ambassador Yakubu Ahmed, who is also the outgoing Director of Protocol at State House.

Onyeama said that there had been discussions with Qatar on partnership with Nigeria’s Sovereign Wealth Fund, for significant investments in the region of $5 billion in the Nigerian economy.

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.”

The Foreign Affairs Minister had recalled that President Buhari visited the State of Qatar in 2016 and the Emir of Qatar, His Highness Tamim Bin Hammad Al-Thani reciprocated with a State visit in 2019.


What this means

This is going to be a huge boost to Nigeria’s drive for foreign investment and help significantly in the country’s push for economic development.

Qatar which has a very high Human Development Index (HDI) is regarded as the world’s third-largest natural gas and oil reserves with a population of about 2.8 million people as of 2019.

Investment Champion: Geoffrey Onyema, Minister of Foreign Affairs, Federal Republic of Nigeria


The investment by the wealthy Middle East country will add to Nigeria’s diversification efforts as such investments are expected in the area of oil and gas, manufacturing, power/utilities and so on.

Rossphinki:


Who is running away? The country's population is still 210 million last time I checked.

By the way, millions of Indians, Lebanese, Chinese and Europeans travel all over the world for business and work, but no one says they are ''running away'' from their countries, so kindly STFU.

mountmoriah:
Good for Nigeria developmenthe, but the money may or may not be beneficiary to Nigerians because few elites may already be planning on how to share the money

limeta:
As long they not investing in boko haram or Islam but again what their interest

heendrix:
Meanwhile Nigerians are running away from the country in drove. sects of folks with eyes but cannot see

Seniorwriter:
Investment Funds to be looted by this Clueless bunch of present administration! SMH
We need a paradigm shift in our leadership sphere....a young visionary leader to take us there!

Proactivity Leads To Productivity!
@Seniorwriter

Godblessbiafraa:

techmo:
We and Qatar sell the same Oil, only difference is Qatar Government invest aggressively with their Oil income and spend the proceeds of the investment, while in Nigeria we don't invest, 200 million people just want to spend 2.3mb crude revenue

Rossphinki:


Stop talking ignorant rubbish.

Qatar produces nearly as much oil per day as Nigeria, and her population is only 2.8 million people, less than the population of Surulere.

She has far more money to invest in any and everything than Nigeria, which has to use the same amount of money to cater for 210 million people.

Don't use your brain before criticising, you hear? After all it is only there for decoration.

https://en.wikipedia.org/wiki/List_of_countries_by_oil_production

Rossphinki:


Go and get an education. Illiteracy is your problem.

Foreign investment does not provide funds to be ''looted'' by politicians.

Investment is about building companies and businesses within the private sector by the investor, not giving money to the government or to politicians.

Tufia.

You spend years going to school yet you still reason like a donkey.

mountmoriah:
Good for Nigeria developmenthe, but the money may or may not be beneficiary to Nigerians because few elites may already be planning on how to share the money

Seniorwriter:


Stop exhibiting your toxic ignorance on a public space like Nairaland!
Looting can occur @any point of the investment procedure!...or do you think all the looting of foreign aids and investment ventures were done at the very inception time?
Deep Quote
Ability to read & comprehend is a Superpower!

@Seniorwriter