Nigeria’s Oil and Gas Sector Suffers Another Blow as QatarEnergy Declines Investment.
QatarEnergy’s CEO, Saad Sherida al-Kaabi, has declined to invest in Nigeria despite a recent meeting with President Ahmed Bola Tinubu during his visit to the Middle East. President Tinubu had sought investment from the emirate to revitalize Nigeria’s struggling oil and gas sector, which faces financial challenges.
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QatarEnergy not investing in Nigeria despite meeting Tinubu
However, Africa Intelligence reports that after thorough deliberations, al-Kaabi, who also serves as the emirate’s energy minister, is not inclined to have his company invest in Nigeria. The report cites concerns about the business climate in the Niger Delta, where Western oil majors have been reducing their operations for the past decade.
During his visit to Qatar in March, Tinubu had signed significant agreements aimed at enhancing cooperation between the two nations. These agreements covered various sectors such as education, enterprise development, investment promotion, youth empowerment, mining, tourism, and sports.
At the signing ceremony in the Qatar Presidential Palace, Tinubu assured his Qatari counterpart of Nigeria’s readiness to welcome investors and highlighted ongoing reforms aimed at fostering innovation, enhancing returns on investment, and promoting multiculturalism.
Tinubu emphasized his administration’s commitment to removing entrenched interests and barriers to bolster investor confidence. He urged Qatari investors to report any instances of corruption or bribery by government officials during their business interactions in Nigeria.
Speaking at the Nigeria-Qatar Business and Investment Forum in Doha, Tinubu pledged to dismantle obstacles hindering profitable and legitimate business activities in Nigeria, reaffirming his government’s dedication to creating a conducive environment for investment and economic growth.
