Oil-rich Qatar to invest $5bn in Nigeria

Nigeria is to benefit from oil-rich Qatar, as the Arab country plans to invest $5 billion into Africa’s largest economy.

The investment decision was made following an exchange visit by leaders of both countries.

In 2016, President Muhammadu Buhari had visited Qatar, while His Highness Tamim Bin Hammad Al-Thani visited Nigeria in 2019. During these periods, there have been talks about partnerships.

The Nigerian government was pushing for Qatar’s investment in Nigeria’s Sovereign Wealth Fund. The arab nation has now agreed to infuse $5 billion into the Nigerian economy.

In a statement, Minister of Foreign Affairs, Geoffrey Onyeama, said Nigeria was putting it’s best feet forward to attract financial partnership with Qatar which he described as a strategic country.

“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.” Onyema said.

This was contained in a statement released by the Deputy Director of Information, State House, Abiodun Oladunjoye and reported by NAN.