Remawa posted on January 15, 2009 13:21
The government of the Emirate of Dubai has signed a cooperation agreement with the Federal Government of Nigeria to invest $16 billion in the development of the oil and gas sector, and other infrastructure and construction projects in Nigeria.
Speaking during the signing ceremony today in Abuja, the Honourable Attorney General of the Federation and Minister of Justice, Chief Michael Kaase Aondoakaa, SAN, commended the foresight of Dubai World Corporation, the investment arm of the government of Dubai, on its decision to invest in the development of critical infrastructure in Nigeria, especially the Niger Delta region.
He also noted that the inflow of capital into this region would assist government to create the needed infrastructure, as well as support the newly-created Ministry of the Niger Delta.
The Minister described as unprecedented the cooperation between Nigeria and Dubai, adding that efforts were ongoing to attract more investments from the United Arab Emirate (UAE).
He further noted the efforts of stakeholders, especially Nigeria’s Ambassador to the UAE, Alhaji Bashir Yuguda, for the foresight in attracting this mega investment to the country.
Responding, the leader of the delegation from Dubai, Sultan Ahmed Bin Sulayem, said the cooperation agreement not only reflected the friendship between the two countries, but also Dubai’s interest in the development of Nigeria and the realization of President Yar’Adua’s seven-point agenda.
Sultan Ahmed Bin Sulayem disclosed that they would also sign an agreement with NNPC, which he believed would enhance the operation and expansion of the production of oil and gas in Nigeria.
He advised that the current global crisis should not deter the two countries from achieving their goal.
Earlier, in a welcome address, Nigeria’s Minister of State for Foreign Affairs (1), Alhaji Jibril Maigari, stated that the occasion marked a landmark in Nigeria’s bilateral relationship with the United Arab Emirate.
He added that it was a practical demonstration of Nigeria’s collaboration in different international fora such as South-South Cooperation, G77, United Nations and Doha Roundtable Discussion.
The Minister stated that the agreement would cover liquefied natural gas, power plants, development of ports, and real estate.
Others are mining and mineral resources, infrastructural/construction projects, and large scale land lease for commercial agriculture and irrigation farming around the water bodies owned by the various River Basin Development Authorities.
The Minister of Justice signed for Nigeria, while Sultan Ahmed Bin Sulayem signed on behalf of Dubai World Corporation.
Attracting foreign investment to the country has been one of the planks of the administration’s seven-point agenda, and the signing of the agreement is perceived as a practical manifestation of the success being recorded in this regard.