In a resolute declaration of Nigeria’s commitment to combat corruption and enhance its business environment, President Bola Tinubu addressed Qatari investors at the Nigeria-Qatar Business and Investment Forum in Doha on Sunday.
The President urged investors not to succumb to bribery demands and pledged decisive action against any official engaging in corrupt practices.
“I am here to give you the assurance that reforms are going on; forget about whatever you heard in the past. Whatever is the obstacle or problem that some of you might have experienced; it is in the past because there is no obstacle in the future,” Tinubu said.
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“Do not offer a bribe to any of our people, and if it is requested or taken from you, report to us. You will have access to me. Nigeria will no longer be defined by the past, but by what we do now and moving forward. Do not let perceptions become a hindrance to your will to invest. Nigeria is serious about revolutionizing investment promotion.
Acknowledging past challenges, Tinubu assured investors of ongoing reforms aimed at fostering a conducive investment climate. “Forget about whatever you heard in the past. Whatever obstacles existed are now a thing of the past,” he affirmed.
Highlighting the government’s strides against corruption and insecurity, Tinubu lauded the appointment of Nuhu Ribadu, a renowned anti-corruption advocate, as National Security Adviser.
“We have a man who has won many global awards for anti-corruption as an anti-corruption czar,” Tinubu remarked.
In the statements, which were made during a meeting with His Highness, Sheikh Tamim bin Hamad Al Thani, Emir of Qatar, President Tinubu emphasized Nigeria’s openness to investment and underscored the country’s ongoing reforms.
Tinubu hailed the potential of Nigerian youths as invaluable partners for Qatari industries, citing their energy, talent, and reliability. He emphasized Nigeria’s readiness for serious business despite short-term challenges, lauding the government’s collaborative approach to implementing solutions.
In response, Sheikh Tamim bin Hamad Al Thani expressed confidence in Nigeria’s potential and affirmed Qatar’s willingness to explore investment opportunities.
“The investments we make belong to future generations. We are open to creating new opportunities in Nigeria,” Sheikh Tamim remarked, signaling Qatar’s commitment to bilateral cooperation.
President Tinubu appointed Wale Edun, the Coordinating Minister of the Economy and Minister of Finance, to lead discussions with Qatari authorities on investment identification and implementation. Additionally, the Minister of Solid Minerals Development, Dr. Dele Alake, presented opportunities in Nigeria’s mineral sector during bilateral deliberations.
The forum culminated in the signing of seven bilateral agreements spanning education, employment regulation, business council establishment, youth and sports cooperation, tourism, combating illicit trade, and narcotic substances. Nigerian ministers and Qatari officials inked the agreements, symbolizing a significant step towards deeper economic cooperation between the two nations.
In attendance were high-ranking officials including Coordinating Minister of Health and Social Welfare, Professor Muhammad Ali Pate, Minister of Trade, Industry, and Investment, Dr. Doris Uzoka-Anite, and Minister of State for Petroleum Resources (Gas), Mr. Ekperipe Ekpo, among others.
However, analysts have warned that Nigeria’s antecedents, including recent measures such as the clampdown on Bureau de Change operators (BDCs) and cryptocurrency exchanges, could pose concerns for potential investors. These actions have raised uncertainties regarding the government’s approach to economic policies and regulatory frameworks, potentially deterring foreign investment.
The crackdown on BDCs, which occurred in response to concerns about currency speculation and illicit financial activities, has sparked concerns about the stability of Nigeria’s foreign exchange market and the ease of doing business in the country. Similarly, the ban on cryptocurrency transactions has created uncertainty among investors and entrepreneurs operating in the digital asset space, as it raises questions about the regulatory environment for innovative financial technologies.
While President Tinubu’s assurances and pledges to combat corruption and create a conducive business environment are commendable, investors may remain cautious until they see concrete actions and consistent policy implementation. The success of Nigeria-Qatar economic cooperation hinges not only on diplomatic engagements and bilateral agreements but also on the government’s ability to address investor concerns and foster a transparent and predictable regulatory environment.
Despite these challenges, the bilateral engagements between Nigeria and Qatar represent a significant opportunity for both countries to deepen economic ties and explore mutually beneficial investment opportunities. Economic experts said that by addressing investor concerns and demonstrating a commitment to reform and transparency, Nigeria can attract much-needed foreign investment to drive economic growth and development.