Qatar to Invest $390m In Nigeria’s Transport Sector

Nigeria's transport sector
Lagos, Nigeria

AFRICANGLOBE – Nigeria and Qatar have finalised plans to sign a memorandum of understanding (MoU) for the investment of $390 million in former’s transport sector in 2013.

Nigerian newspaper BusinessDay quoted Nigeria’s Minister of Trade and Investment, Olusegun Aganga, who disclosed this on Tuesday in Abuja, as saying: “Nigeria and Qatar have concluded arrangement on the investment plan. Qatar is expected to invest $390 million in logistics and transport sector of our own economy.”

Aganga noted that the Nigerian government would implement economic measures beginning from the next fiscal year, to reduce the cost of cement in the country and escalate production.

“The Federal Government is making the move in fulfilment of President Goodluck Jonathan’s determination to make Nigeria one of the leading cement exporting countries next year,’’ he said.

He disclosed the new policies would ensure the imposition of a ban on cement importation, and the adherence of laws to plummet cement price in the country, which currently stands at about 1,600 naira ($10) per bag; a 200 percent inflation from its cost in 1999.

The minister said the paper work on the policy have been completed, adding that it is expected Nigeria’s construction industry would grow significantly as a result of the implementation of the policies.

Nigeria is one of the biggest cement producers in Africa, with Nigeria-based Dangote Cement rated as the largest cement producer in Africa with a market capitalization of almost $14 billion.