The federal government has encouraged the United Arab Emirates (UAE) to invest in Nigeria to harness its vast oil deposits.
The minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, who made this call on Monday, in Abuja, also assured the UAE of a friendly business environment.
Lokpobiri stated this when the UAE Ambassador to Nigeria, H.E. Salem Saeed Al Shamsi, visited him in Abuja, according to a statement by his media aide, Nneamaka Okafor, yesterday.
Lokpobiri emphasised Nigeria’s commitment to increasing oil production, adding that while Nigeria “is not in a rush to transition away from oil, the country is actively seeking to enhance its production capabilities”.
“According to him, “We are focused on ramping up our oil production. At the same time, we are inviting UAE investors to look at Nigeria as a prime destination. Our business environment is friendly, and our crude deposits are vast.”
He highlighted the benefits of the Petroleum Industry Act (PIA), which provides a robust legal framework that guarantees returns on investments and has significantly reshaped the oil and gas sector.
“The PIA ensures a secure and profitable investment climate, making Nigeria an attractive location for investors,” he noted.
The minister expressed his pleasure at the visit, viewing it as a significant demonstration of the strong and enduring diplomatic relationship between Nigeria and the UAE.
“The visit from Ambassador Al Shamsi and his team is a testament to the valued relationship between our two nations. It underscores our commitment to transforming our energy sectors for mutual benefit.”
On his part, Ambassador Al Shamsi said: “We see great potential in Nigeria’s energy sector and appreciate the steps being taken to create a conducive investment environment. Our countries have much to gain from continued collaboration.”
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