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Nigerian Government Seeks to Strengthen Investment Ties with UAE

The Nigerian Government has expressed a strong commitment to enhancing bilateral relations with the United Arab Emirates (UAE) through

Nigerian Government Seeks to Strengthen Investment Ties with UAE

The Nigerian Government has expressed a strong commitment to enhancing bilateral relations with the United Arab Emirates (UAE) through increased investment opportunities. This was articulated by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, during a courtesy visit by UAE Ambassador to Nigeria, Salem Saeed Al-Shamsi, in Abuja.

Minister Lokpobiri emphasized Nigeria’s intention to bolster its relationship with the UAE, noting ongoing discussions with his UAE counterpart. He highlighted Nigeria’s adherence to the Paris Agreement while underscoring the necessity for sustained fossil fuel production to attract investments crucial for financing energy transition initiatives.

“Nigeria is committed to the Paris Agreement, but we recognize that no country, especially in Africa, is reducing fossil fuel production. We need to create more investment opportunities to secure the funding required for our energy transition,” Lokpobiri stated.

He pointed out that the UAE’s success in attracting investments serves as a model for Nigeria. “We aim to build strategic partnerships with the UAE and globally to raise the funds needed for our energy transition,” he added.

Lokpobiri invited UAE investors to explore opportunities in Nigeria, particularly in the oil and gas sector. “The quickest way for investors to see returns is through the oil and gas industry. Our pipelines, many of which are over 50 years old, need renewal. This presents a significant opportunity for investment,” he explained.

The Minister stressed the potential for Nigeria to increase its crude oil production beyond the current 37 billion barrels. “We are liberalizing processes and reducing bureaucracy to attract more investments. Nigeria is open for business and committed to deepening our strategic relationship with the UAE,” he affirmed.

Lokpobiri expressed his eagerness to work closely with Ambassador Al-Shamsi to facilitate UAE investments in Nigeria’s oil and gas sector.

In response, UAE Ambassador Salem Saeed Al-Shamsi thanked the Minister for the warm reception and expressed optimism about Nigeria’s economic improvements. He suggested that technical teams from both the Ministry and the UAE Embassy collaborate to explore areas of partnership and investment.

“We look forward to exploring collaboration opportunities and strengthening the partnership between our two countries,” Ambassador Al-Shamsi concluded.

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