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14 Nigerian States Request $15 Billion In Investments From UAE

14 Nigerian States Request $15 Billion In Investments From UAE 

74 UAE potential investors have indicated an interest in meeting with delegations from all 14 Nigerian states.

By Omotayo Olutekunbi

14 Nigerian states are seeking up to $15 billion in foreign direct investment from businesses and organisations in the United Arab Emirates (UAE), and will pitch their proposals to investors at the upcoming 11th Annual Investment Meeting (AIM) in Dubai.

AIM is a well-established platform that helps governments, cities, and municipalities attract more Foreign Direct Investment (FDI) by highlighting investment opportunities in their areas. The UAE Ministry of Economy is organising the AIM summit, which is set for March 29 and 31, 2022.

According to Abdullateef Shittu, executive director in charge of strategy at the Nigeria Governors’ Forum (NGF) secretariat in Abuja, the gathering will provide delegates from the 14 Nigerian states with opportunities and ideal channels to share and promote investment opportunities in their respective states; Premium Times reports.

The Nigerian Governors Forum (NGF), an organisation of Nigeria’s 36 governors, has been working with the UAE Embassy in Nigeria to make it easier for Nigerian states to participate in the forum.

According to Mr Shittu, the representatives from the participating states would promote Nigeria as an attractive investment and trade destination, highlight current investment opportunities, and generate leads that can be converted into investments.

According to information gathered by newsmen, the states soliciting investors at the conference will be Abia, Akwa Ibom, Bauchi, Bayelsa, Cross River, Edo and Ekiti, Enugu, Kwara, Niger, Ondo, Plateau, Sokoto, and Yobe.

Delegates from the aforementioned participating states, led by their governors in some cases, will persuade potential UAE investors to invest in key and capital-intensive projects in sectors such as infrastructure development, manufacturing, agriculture, energy, technology, transportation and logistics, tourism and hospitality, education, and finance.

For example, Abia State would seek $1 billion (N416.25 billion at the current official market dollar-naira exchange rate) for the establishment of Enyimba economic city ($288 million), leather and garment city ($300 million), and Abia State special agro-processing zone ($450 million).

Similarly, Akwa Ibom will try to persuade potential investors to invest a total of $2.6 billion in the Ibom Deep Seaport, Ibom Industrial City project, Ibom Science Park, and Industrial City at the meeting. Ibom, agribusiness, and pier infrastructure construction in the state.

Bauchi, Bayelsa, Cross River, Edo, Ekiti, and Enugu would seek US$88 million, US$2.3 billion, US$3.5 billion, US$1.1 billion, US$104.5 million, and US$160 million for maritime projects, agricultural, and infrastructure development, respectively.

Furthermore, the state governments of Kwara, Niger, Ondo, Plateau, Sokoto, and Yobe will encourage potential investors to contribute US$97 million, US$184 million, US$2.5 billion, US$33 million, US$388 million dollars, and 910 million dollars, respectively, to the execution of projects in the agriculture, hotel, infrastructure, and mining sectors in their respective states.

According to Mr Shittu of the NGF, at least 74 potential UAE investors have expressed an interest in meeting with representatives from the 14 Nigerian states.

Among them are the Abu Dhabi Fund for Development, the African Development Bank, the National Marine Dredging Company, the Islamic Development Bank, Al Ain Farms, Strata Manufacturing, TVM Capital Healthcare, Amea Power, MENA Infrastructure, Dubai Investments, the Investment Corporation of Dubai, Mubadala, Gazprom Bank, Jumeirah Group, Kotak Mahindra Asset Management Group, the Saudi Fund for Development, VTB Capital, and the MENA Tech Fund.

According to organisers, delegates from Nigerian states would be given opportunity to make presentations to investors.

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