The Consular General of the United Arab Emirates in Lagos, Dr Abdulla Al Mandoos, has said that the UAE is committed to initiatives and investments aimed at fostering Nigeria’s growth and development.
He stated that this has become imperative given Nigeria’s unique opportunities and challenges as a leading African nation.
Dr Al Mandoos made this known during a recent business forum organised by his consulate and financial advisory firm, Woodhall Capital, held at the Continental Hotel, Victoria Island, Lagos, according to a statement released on Thursday.
Themed “UAE-Nigeria: Investors’ 1st Meeting,” the forum aimed to create a platform for the UAE government to engage with top and carefully selected members of Nigeria’s business community.
“I firmly believe that, with the esteemed individuals gathered here today, we have an opportunity to achieve significant milestones for both the UAE and Nigeria. Our vision is to engage with Nigeria and explore how we can further contribute to the growth and development of both nations,” Dr Al Mandoos stated.
He added, “The UAE government has prioritised humanitarian activities and attracted Foreign Direct Investment (FDI) to Nigeria. It has also recognised Nigeria as a key strategic partner due to esteemed investors like yourselves and various investment indicators. As a result, the Consulate in Lagos and the Embassy in Abuja serve as extensions of this objective.”
Highlighting reasons why the UAE should be a preferred investment destination, the envoy explained that the country boasts a strategic geographical location, providing access to over 200 cities, more than 400 direct shipping lines for imports and exports, and world-class infrastructure.
“The UAE is also the first in the region to achieve macroeconomic stability, earning an Aa2 rating from Moody’s. This was evident in 2022 when we attracted over $20 billion in FDI,” he said.
Speaking at the event, Woodhall Capital’s founder, Moji Hunponu-Wusu, informed the assembled business leaders that the UAE government strongly believes in Africa and remains committed to supporting the continent.
According to her, both Nigeria and the UAE are actively planning to explore the vast business opportunities available in each country.
“The UAE government has decided not only to collaborate with Woodhall Capital but is also seeking partnerships with captains of industry. When tasked with organising this forum, they wanted to demonstrate their willingness to have discussions with us and the clients we represent,” she explained.
Recalling the firm’s journey, she said, “Woodhall Capital is a financial services firm that raises international funding for banks, corporates, and governments. Established in 2014, our journey took a significant turn in 2020 when we decided to open an office in Dubai.
“Although I was initially reluctant, as I grew up in Europe, we decided during the COVID-19 pandemic to set up in Dubai. In just four years, we have raised close to half a billion dollars, supported by Dubai and Middle Eastern banks that believe in Africa. In fact, last Friday, we closed a $150 million transaction with a corporate entity here in Nigeria.”
Hunponu-Wusu added that the forum offers a platform for candid discussions on the strengths of Nigeria and Africa. She further revealed that the UAE government has endorsed Woodhall Capital’s expansion into Abu Dhabi, the nation’s capital.
“We proudly present to the world Nigerians of integrity who are serious about business, and we showcase the global captains of industry emerging from Africa, especially from my home country, Nigeria,” she stated.
During the open discussions, industry leaders were invited to present their capabilities, concerns, and suggestions on how the UAE Consulate General in Lagos could support the establishment and growth of their businesses in the UAE.
Speaking at the event, the founder of A2Energy Limited, Abdul Abiola, expressed that the forum provided a platform for the exchange of ideas from industry leaders, adding that the UAE’s partnership with Nigerian businesses would greatly enhance innovation for both countries.
“We focus on clean energy, and our goal is to foster innovation in energy transition. For Africa to grow, we need energy, and while fossil fuels remain relevant, climate change is a reality. A2Energy is focused on developing innovation for Africa’s growth, and this event has been particularly exciting as we’ve received fresh ideas from various industries to unlock investments,” he said.
