QatarEnergy Not Willing To Invest In Nigeria Despite President Tinubu’s Visit –Report

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President Tinubu has been wooing foreign investors with a promise of high returns on investment.

Saad Sherida al-Kaabi, the CEO of QatarEnergy, has turned down the proposal to invest in Nigeria despite the recent visit by President Bola Tinubu to the Middle Eastern country to seek foreign investment. 

President Tinubu has been wooing foreign investors with a promise of high returns on investment.

The President also spoke at the recent World Economic Forum in Riyadh, Saudi Arabia, where he assured investors of the safety of their investments in Nigeria. 

However, after much consultation, al-Kaabi who is also the emirate’s energy minister is not open to his company investing in Nigeria, according to Africa Intelligence.

“The company headed by the gas-rich emirate’s energy minister is put off by the business climate in the Niger Delta where Western majors have been scaling down for a decade,” AI said in the report.

President Tinubu and Sheikh Tamim bin Hamad Al Thani, Emir of the State of Qatar, in Doha, recently witnessed the signing of historic agreements between both nations, opening a gateway for leveraging the potential of mutual cooperation in pivotal sectors of education, enterprise development, investment promotion, youth empowerment, mining, tourism, and sports.

The Special Adviser to the President on Media and Publicity, Ajuri Ngelale who made this known in March, said that before the signing ceremony at the Qatar Presidential Palace, President Tinubu assured his host of Nigeria’s preparedness to welcome investors into the country, noting the ongoing reforms that favour innovation, return on investments, and multiculturalism.

“Our greatest strength is our people. Our strength lies in the capacity of Nigerian youths. They have energy, talent, and self-belief. They are quality partners for Qatari industry. 

“They are educated and reliable, and they are proactively seeking to add value wherever they are. A few cannot give a bad name to the many. Nigerian youths are ready to be unleashed for the mutual benefit of both nations.

“We have seen clearly the rapid pace and thorough quality of Qatar’s development process. It is impossible not to be moved by what you have accomplished. The leadership in the country has proven its mettle, and we are here to gain deeper insight.

“There is nowhere in the world where you will find return on investment at the level of what you will see in Nigeria. A massive market of over 200 million skilled Nigerians, always industrious and ready to work.

“We face some short-term turbulence at the moment, but we have a government today that reflects the dynamism and talent of the Nigerian people. We are implementing the right solutions. This team works collaboratively with each other and our partners. Nigeria is ready for serious business,” the President stated.

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