Abuja — The Federal Government yesterday signed a $16 billion investment bilateral agreement with the United Arab Emirates (Dubai) to improve basic infrastructural facilities in the country. Attorney-General of the Federation and Minister of Justice, Michael Kaase Aondoakaa (SAN), who signed the bilateral cooperation agreement on behalf of the Federal Government, said the country stood to benefit a lot from the partnership, adding that Dubai has vast experience in technology and sound management of investment portfolios.
He said Dubai World Corporation, owned 100 per cent by the Dubai government, would be directly involved with the provision of the basic infrastructure thereby complementing the government budget targeted at the real sector of the economy.
The agreement covers areas such as dams, electricity, agriculture, mineral resources and the development of the Federal Capital Territory (FCT), among others.
Speaking further, the Justice Minister said the Nigerian Ambassador to the UAE, Alhaji Bashiru Yuguda, and President Umaru Musa Yar' Adua had demonstrated their commitment to the development of the critical sectors of the economy including the Niger Delta area where some of the investment would be made to impact positively on the lives of the dwellers in the region.
Also speaking at the occasion, the FCT Minister, Senator Adamu Aliero, said the ministry would shift from the old order of providing infrastructure without recouping the money to address similar problems in other areas of the territory.
According to him, henceforth, government would provide amenities like roads, electricity and water and recover the expense and use the money to solve the problems in other areas, adding that by so doing, development would go round.
The Dubai government was represented by a team led by Sultan Ahmed Ibn Sulayin who said, "Our focus will be in Nigeria. The Bilateral agreement will be with the Nigerian National Petroleum Corporation (NNPC).
On the global financial crisis, Sulayin said, "The world have always overcome and passed through financial crisis and this will not be different. Even within the crisis period, we see opportunity to make things happen for the people of the world. It is good to have experience. Those who have experience will survive it and those who do not have experience and are weak will disappear.
"The crash in world financial market was being experienced since 1987 and many economies have experienced it and became stronger afterwards."
Earlier, President Yar'Adua had told the Dubai delegation that Nigeria's laws and regulations had made the country the best investment destination in the world.
"We have the necessary legislations and regulations that provide a very conducive environment for investors. Our laws permit repatriation of 100 per cent profit. I doubt if there is a better country for investment today," he said.
He spoke of his confidence in the Dubai World Corporation, saying it had left a global mark of investment success.
He, therefore, said the cooperation would equally record success with Nigeria.
By Funso Muraina
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