Nigeria secures $300b FDI from Qatari investors
Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, will stand in for the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, at the Bretton Woods institutions meetings, as the minister is indisposed.
This was as Qatari investors, led by a member of the Qatari royal family, Sheikh Abdul-Rahman Hamad Al-Thani, have pledged a $300 billion Foreign Direct Investment (FDI) in Nigeria, while expressing significant confidence in the country’s economic reforms and growth prospects.
Cardoso is leading Nigeria’s delegation to the World Bank and International Monetary Fund (IMF) meetings, opening today in Washington, D.C.
President Bola Tinubu might consider a new Minister of Finance and Coordinating Minister for the Economy to steer his reforms if Edun’s recovery lingers. Edun has been a key figure in the administration’s economic management team since August 2023.
Contrary to claims, Edun is said to be receiving medical care in Nigeria but other options may be explored if necessary.
Edun, a seasoned economist, banker and former Lagos State Commissioner for Finance, has been widely credited with steering Nigeria’s fragile economy through some of its most challenging moments since Tinubu assumed office.
His appointment as Finance Minister and Coordinating Minister for the Economy on August 21, 2023, was one of the earliest signals of President Tinubu’s intent to assemble a reform-driven cabinet.
A long-time ally and financial adviser to the President, Edun was tasked with restoring fiscal discipline, stabilising the exchange rate and attracting investment into critical sectors of the economy.
According to the World Bank, key highlights of the meetings include the Development Committee Plenary on Thursday, October 16, and the International Monetary and Financial Committee session on Friday, October 17.
The week will feature regional briefings, press conferences, and high-level discussions on international development, the global economy, and financial markets.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, announced the composition of the delegation yesterday.
Meanwhile, The Guardian gathered that the Qatari investment will focus on critical sectors such as infrastructure, energy, oil and gas, agriculture and aviation.
This was disclosed during a reception for a high-powered delegation from Future Union Group, Qatar, held at the weekend in Lagos.
According to the Chairman of Elan Vert Nigeria Limited, who facilitated the visit, Adebowale Odutola, the investment decision is a direct outcome of Tinubu’s efforts to rebuild international confidence in Nigeria’s economy.
Odutola noted that the Qatari investors were eager to partner with credible Nigerian businesses to create jobs and wealth.
“Today, we are making history. These investors are bringing in $300 billion across key sectors of our economy; aviation, oil and gas, mining and infrastructure,” Odutola said.
The Chief Executive Officer of Future Union Group, Dr Abdelgalil Sharaf, expressed optimism about the group’s future in Nigeria, citing the country’s vast potential and purpose.
Lead Visioner of the Lagos4Lagos Movement and co-facilitator of the visit, Abdul-Azeez Adediran (Jandor), described the investment as a vote of confidence in Tinubu’s leadership and reform policies.
“Before Tinubu’s administration, the business climate was discouraging. The forex policy alone was a major concern for foreign investors. But now, the reforms have restored faith and made Nigeria an investment-friendly environment,” Adediran said.
International Regional Director and Partner at Future Union, Maral Godalazian, also expressed delight with the warmth of Nigerians.
Also, Aviation Advisor, Future Union, Mr Nabil Lakhel, said, “We see that there are a lot of things to do here in Nigeria. We have a lot of projects to launch here.”
