Qatar Invests $390m In Nigerian Economy

Tuesday, 18 December 2012 21:09 |

By Benjamin Umuteme

Nigeria's transport sector is to receive a boost as Qatari government would be investing $390million in the country to help shore up its Infrastructure deficiency in 2013.

Minister of Trade and Investment, Mr. Olusegun Aganga dropped the hint at the 2nd annual seminar for Trade and Investment Correspondents and Group Business Editors in Abuja.

Mr. Aganga said both countries have concluded arrangement to sign a Memorandum of Understanding (MOU) on the new investment, which he said would further create employment for the nation’s teeming youths.

Besides, he said Qatar was interested in importing locomotive products from Nigeria to boost its transportation system and economy in general.

According to him, “Nigeria and Qatar have concluded arrangement on the investment plan. Qatar is expected to invest $390million in logistics and transport sector of our own economy. This include locomotive to boost their transportation system”.

“The country (Qatar) is to buy the locomotive products from the NRC, that is Nigerian Railway Corporation to enhance easy movement in Qatar”, the minister added.

Mr. Aganga described Nigeria as the biggest investment destination in Africa with increase in export and capacity utilisation.

He noted that with about 18.4million small and medium enterprises, SMEs, adding that 17.2million people can be employed yearly through the sub-sector.

The minister recalled that the country’s investment flow rose to $8.9billion in 2011, representing 46 percent increase from the 2010 achievement.

He explained that over 70 percent investments in Africa are based in Nigeria, saying this excludes non-oil exports, which his ministry has been promoting since its transformation with a new mandate.

To further improve on the achievements, the minister said investment desks have been established in all Nigerian embassies across the world.

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