UAE to invest $ 16 bn in Nigerian oil and gas sector

The government of UAE said that it would invest $ 16 bn in the development of Nigeria's oil and gas sector and other infrastructural development. A cooperation agreement had already been signed between the Federal Government and the Dubai Government.
The Attorney General of the Federation (AGF) and Minister of Justice Mr Michael Kaase Aondoakaa, who signed on behalf of the Federal Government, said the cooperation agreement covers areas considered critical to the development of the country.

Mr Aondoakaa re-iterated President Umaru Musa Yar'Adua's commitment to the development of critical infrastructure in the Niger-Delta region in order to uplift the standard of living of the inhabitants of the area. According to him, commitment of Dubai World Corporation to invest in infrastructural development in the Niger-Delta will further complement government's efforts through budgetary provisions for the ministry of Niger-Delta Development.
The minister, who assured Dubai Government of Nigeria's commitment to the agreement as well as furthering the friendly ties existing between the two countries, said efforts were intensified to attract more external funding in the development of the region.

In his remarks, the leader of the delegation from the Dubai Government, Sultan Ahmed Bin Sulayem said the corporation agreement will foster friendship between the two countries.
"Dubai World has invested in many countries and across the globe in different areas, but in Nigeria, they will focus mainly on infrastructure project like oil and gas. The agreement will enhance expansion of oil and gas trade between the two countries," he said.

Speaking at the occasion, the Minister of State for Foreign Affairs Alhaji Jibril Maigari said signing of the agreement between the two countries was a demonstration of the Nigeria's collaborative initiative.
He said agreement covers areas such as liquefied natural gas, power plants, development of ports, real estate, mining and mineral resources, infrastructure andconstruction projects and large scale land lease for commercial agriculture and irrigation farming around water bodies owned by various River Basin Development Authorities.