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22 February 2024

Dubai to invest $16bn in Nigeria

By Reuters

Nigeria and Dubai have signed a preliminary agreement worth $16 billion (Dh58.7bn) to develop oil and gas infrastructure in Africa's top crude producer, officials said yesterday.

The deal will see Dubai World Corporation (DWC), wholly owned by the Government of Dubai, investing in projects in the restive Niger Delta, Africa's oil and gas heartland, which accounts for nearly all of Nigeria's around two million barrels of crude per day.

Nigeria's Justice Minister Michael Aondoakaa and Sultan Ahmed bin Sulayem, Dubai World Chairman, signed the agreement on behalf of their governments on Friday in the Nigerian capital Abuja.

The agreement also covers investment in the real estate sector, agriculture, power and mining.