Qatar has hinted that it is drawing up plans to invest $5billion into Nigeria’s economy.

Nigeria’s Foreign Affairs Minister, Geoffrey Onyeama revealed that the Gulf state’s proposed investment is expected to boost Nigeria’s economy and encourage foreign investment in Nigeria.

Onyeama who spoke at a farewell dinner for Nigeria’s Ambassador-designate to Qatar, Yakubu Ahmed, said the two countries held discussions over partnering with Nigeria’s Sovereign Wealth Fund, SWF.

“Qatar is a weighty and strategic country and very strategic in that part of the world and we are putting our best feet forward to advance the interest of our country economically and in other areas,” Onyeama said.

Leaders of the two countries, Qatar’s Amir Sheikh Tamim bin Hamad Al Thani and Nigeria’s President Muhammadu Buhari agreed to develop bilateral ties during a visit by the Qatari royal in 2019.

Meanwhile, Qatar’s investment authorities have yet to make a public announcement about the move.