UAE targets major Nigeria push with planned $10bn investments in key sectors

Nigeria could see a surge of foreign capital into its infrastructure, agriculture, technology and logistics sectors as the United Arab Emirates (UAE) signals plans to channel more than $10 billion into the country in the coming years.

The indication came on Monday at the inaugural Investopia Global Africa forum held in Lagos and jointly hosted by Nigeria and the UAE.

UAE Minister of Investment, Mr Mohamed H. Alsuwaidi, said the scale of investment between both countries over nearly five decades of trade relations had not matched Nigeria’s economic potential.

“I am surprised that we have not deployed significantly much here,” he said. “With the current government, we see a window where our investment size should run into tens of billions of dollars in the coming years.”

He pointed to opportunities spanning infrastructure, power, financial services, agribusiness for export, mining, logistics, wastewater recycling, entertainment and technology, stressing that turning prospects into real deals would depend on clearer market information, legal clarity and strong partnerships.

Alsuwaidi noted that while government cooperation is important, the bulk of new investments should be driven by deeper business-to-business engagement between Nigerian and UAE firms.

“The UAE investors want to work with government, but they also want to work directly with the private sector. That is where many of the deals will happen,” he said, adding that transparency and focus on “low-hanging fruits” would help build momentum.

Nigeria’s Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, described Nigeria as a natural gateway for investors seeking entry into Africa through the African Continental Free Trade Area (AfCFTA).

“Nigeria is a strong landing board to access the AfCFTA. Investors should see Nigeria as a hub to reach the wider African market,” she said.

She outlined opportunities in solid minerals, agribusiness, artificial intelligence, data centres, tourism, oil and gas, aviation, infrastructure, coastal real estate and revamped Free Economic Zones, assuring investors that reforms had strengthened legal protections for capital inflows.

“Your capital will be safe here. We have worked hard to build trust and an enabling environment. We are ready to facilitate genuine investments,” she said.

Lagos State Governor, Mr Babajide Sanwo-Olu, also urged investors to take advantage of opportunities in the state, highlighting ongoing infrastructure expansion and logistics development.

He cited the Lekki Deep Sea Port, planned Badagry Port, a proposed international airport and a major logistics hub as part of Lagos’ effort to create an investor-friendly environment.

“We are removing red tape and building infrastructure that supports business growth in a secure and stable setting,” he said.

Sanwo-Olu further spoke about plans for the Lagos International Financial Centre (LIFC), a joint initiative with EnterpriseNGR, which he said would position Lagos as a financial hub with global relevance within the next year.

Chief Executive of Investopia, Dr Jean Fares, said Nigeria was deliberately chosen as the first African host of the global investment platform.

“Our mission is to turn dialogue into partnerships and partnerships into investments. That is why we are here in Nigeria,” he said.

Also speaking, the Permanent Secretary of the Federal Ministry of Industry, Trade and Investment, Ambassador Nura Abba Rimi, said ongoing economic reforms had improved the investment climate and would deepen bilateral economic ties between both countries.

The event featured the announcement of a Memorandum of Understanding between Digital Energy UAE and First E&P, led by its Managing Director, Mr Ademola Adeyemi-Bero, underscoring early steps toward concrete business collaboration.