Authorities from Nigeria and Dubai have signed an expansive new development agreement which will bring a substantial boost to the West African country's infrastructure.
Michael Aondoakaa, Nigeria's justice minister and Sultan Ahmad Bin Sulayem, chairman of Dubai World, put their signature to the $16 billion contract in Abuja on Thursday (January 15th), paving the way for comprehensive reform in sectors such as energy and agriculture.
"This historic agreement consolidates Dubai World's strategy of tapping new business sectors leveraging the expertise of the group's various companies to make sound, strategic, long-term investments in the field of energy and natural resources," said Mr Bin Sulayem.
He added that Nigeria was a country which boasts great potential.
The new agreement follows the establishment of Dubai World's Natural Resources World division, which was created in October 2008 in order to capitalise on the dramatic growth opportunities in sectors such as mining and oil and gas.