Despite Chief Bola Tinubu’s promise to attract investors to Nigeria, QatarEnergy, led by CEO Saad Sherida al-Kaabi, has declined to invest in the country’s oil and gas sector.
Tinubu’s visit to the Middle East earlier this year aimed to garner investment from the emirates to address the pressing financial challenges facing Nigeria’s energy industry.
However, Africa Intelligence reports that despite Tinubu’s efforts, al-Kaabi, who also serves as the energy minister for the emirates, remains unwilling to commit QatarEnergy’s resources to Nigeria.
AI stated in the report, “The company headed by the gas rich emirates energy minister is put off by the business climate in the Niger Delta where Western measures have been scaling down for a decade.”
The decision is attributed to concerns regarding the business climate in the Niger Delta region, where Western companies have been reducing their operations over the past decade.
With QatarEnergy’s reluctance to engage in Nigeria’s energy market, Tinubu’s aspirations to attract foreign investment to revitalize the sector face significant setbacks.
