The Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, has reaffirmed the Federal Government’s commitment to strengthening bilateral ties with the United Arab Emirates (UAE). This statement was made during a courtesy visit by the UAE Ambassador to Nigeria, H.E Salem Saeed Al-Shamsi, to the Minister in Abuja.
Lokpobiri emphasized the importance of enhancing the existing relationship between Nigeria and the UAE, stating that he has been engaging with his counterpart in the UAE to further this goal. He highlighted Nigeria’s commitment to the Paris agreement while also emphasizing the need for increased investment in fossil fuel production to facilitate the country’s energy transition.
The Minister stressed the significance of investment flow in achieving success, citing the UAE as a leading country in attracting investments. He called on investors from the UAE to explore opportunities in Nigeria, particularly in the oil and gas sector, which he described as the quickest way to yield returns on investment.
Highlighting the aging infrastructure in Nigeria’s oil sector, Lokpobiri pointed out the need for pipeline renewal and modernization to facilitate efficient oil evacuation and export. He urged potential investors from the UAE to consider investing in Nigeria’s oil and gas industry, emphasizing the country’s vast investment opportunities.
In a bid to boost oil exploration and discovery, the Minister mentioned the government’s efforts to streamline processes and reduce bureaucratic hurdles that have previously delayed investments. He assured the UAE of Nigeria’s openness to investments and expressed a commitment to strengthening the strategic relationship between the two countries.
Ambassador Saeed Al-Shamsi reciprocated the Minister’s sentiments, expressing optimism about the economic progress in Nigeria. He proposed closer collaboration between technical teams from both countries to explore potential areas of partnership and cooperation.
The visit by the UAE Ambassador signifies a positive step towards enhancing economic cooperation between Nigeria and the UAE, particularly in the oil and gas sector. The mutual commitment to deepening bilateral ties and fostering investment opportunities bodes well for the future of both countries’ energy industries.
As Nigeria seeks to attract foreign investments to revitalize its oil sector, partnerships with countries like the UAE are crucial for driving growth and innovation in the energy market. The Minister’s proactive approach to engaging with potential investors and the Ambassador’s receptiveness to collaboration sets a promising tone for future economic cooperation between Nigeria and the UAE.