Nigeria and the United Arab Emirates (UAE) are eagerly making plans to explore the limitless business opportunities present in both countries.

This was the talking point at an exclusive business forum organised by Consulate General of the United Arab Emirates in Lagos and the leading financial advisory firm in Nigeria, Woodhall Capital, at the prestigious Lagos Continental Hotel in Victoria Island, Lagos, recently.

Themed “UAE-Nigeria: Investors’ 1st Meeting”, the objective of the forum was to create a platform for the government of the UAE to meet with top and carefully selected members of the Nigerian business community.

The founder of Woodhall Capital, Moji Hunponu-Wusu, revealed to the top business leaders that the government of The UAE believes in Africa and is willing to continue supporting the continent.

“Woodhall Capital is a financial services firm, which raises international funding for banks, corporates and governments. We set up in 2014 and the story of why we’re here began in 2020, when we took the leap to open an office in Dubai.

“And the reason why we thought we should pull you into what we feel has been a monumental leap in the history of Woodhall Capital is what happened after we decided we were going to open in Dubai. I was reluctant because I’m European-based; I grew up in Europe.

“We then decided at one point during COVID-19 to set up in Dubai, and just look at what it has taken us—four years under that; we raised just under half a billion dollars from the support that Dubai and Middle East banks have given to Woodhall Capital, believing in this Africa that so often the rest of the world has pulled out on. As a matter of fact, we closed a $150 million transaction last Friday with a corporate here in Nigeria.

“The UAE government has decided that it would collaborate, not only with Woodhall Capital, but they are looking for captains of industry. And when we were given the brief to put this forum together, they wanted to show that if they can collaborate with us, they’re willing to have discussions not only with us, but they are also interested in the clients we represent,” she stated.

While adding that the forum is an avenue for an open discussion about the best of Nigeria and Africa, Hunponu-Wusu also announced that the UAE government has welcomed the firm to open in Abu Dhabi, the capital of the UAE.

In his speech, the Consul General of the UAE in Lagos, His Excellency Dr. Abdulla Al Mandoos, revealed that Nigeria is a key West African country with many opportunities and challenges.

“I firmly believe that with the esteemed individuals gathered here today, we have an opportunity to accomplish significant achievements for both the UAE and Nigeria. Our vision is to engage with Nigeria and explore how we can contribute further to the growth and development of both countries,” Dr. Al Mandoos stated.

The Consulate General of the UAE in Lagos also stated that its government has prioritised humanitarian activities and attracting FDI (Foreign Direct Investment). It has also identified Nigeria as a key and strategic partner because of esteemed investors like yourselves and several investment indicators, thus making the Consulate in Lagos and the Embassy in Abuja an extension of this objective.”

While, the Consulate General is the official contact point assigned by the UAE government to help carry out its activities in Lagos, Nigeria, which include economic, cultural and humanitarian endeavours. However, it was emphasised that the consulate is also tasked with facilitating investment between Lagos- Nigeria and the UAE.

While outlining reasons the UAE should be the preferred investment destination, it was mentioned that the UAE has a very strategic geographical location with access to over 200 cities, more than 400 direct shipping lines for import and export, and top-notch infrastructure.

“The UAE is also the first in the region to achieve macroeconomic stability, earning an Aa2 Moody’s rating. This became more evident in 2022, when we attracted over $20 billion in terms of FDI” he said.

During the open discussion, the industry leaders as well as Woodhall Capital were given the opportunity to present their capabilities, their concerns and deliberations on how they would want the Consulate General of the UAE in Lagos to support the establishment and operations of their businesses in the UAE.

In his words, the founder of A2Energy Limited, Abdul Abiola, believed that the forum provided a platform for the exchange of ideas from masters in different industries, and that the UAE’s partnership with Nigerian businesses would go a long way in fostering innovations useful to both countries.

“We focus on clean energy and our goal is to accommodate innovation for energy transition. For Africa to grow, we need energy, and as much as we’re still focusing on fossil fuels, climate change is real. For A2Energy, our focus is on how we can develop innovation for the growth of Africa, and coming to this event has been really exciting because we’ve received different ideas from different counterparts from different industries to unlock investments,” he added.

Akinsola Akeredolu-Ale, Chief Executive Officer of Lagos Commodities and Futures Exchange (LCFE), believed that the efforts of the Nigerian government in attracting investments into the country are beginning to bear fruit.

“Market infrastructure, where we operate, is a particular sector of the market that allows you to use templates and mediums for people to engage in trades with each other, which is called a commodity exchange; and that’s why we are here today.

“What the UAE delegates have been able to do underscores the fact that some of the roadshows the federal government has held are bearing fruit now, and they are coming home to establish that the UAE is ready to do business with Nigeria. They have a consulate and embassy that handle their economic affairs here.

“I’m happy to be part of this conversation because for the market infrastructure that creates enablement for capital mobilisation, particularly in the agricultural and solid minerals sectors, we’ve been able to move the conversation to a very high level today,” Akeredolu-Ale emphasised.

For Woodhall Capital, having benefited so much from establishing its roots in Dubai by telling the African story to the international community, Nigerian businesses can dare and be bold enough to set up in the financial markets of the world, connecting the world to Nigerian captains of industry with integrity as its primary objective.

“We proudly say to the world that there are Nigerians we can showcase—Nigerians with integrity and serious about doing business. And that there are global captains of industry emerging from the continent of Africa, and particularly my home country, Nigeria,” Hunponu-Wusu announced.

The resumption of Emirates Airline’s daily flights in and out of Nigeria is further evidence that the business communities of Nigeria and the United Arab Emirates (UAE) are ready and willing to explore the limitless business opportunities present in both countries.

Mojisola Hunponu-Wusu, Founder of Woodhall Capital with HE Dr. Abdulla Al Mandoos, The Consul General of the United Arab Emirates

The British High Commissioner, Dr. Richard Montgomery, visited Nigeria to strengthen UK-Nigeria bilateral relations and support economic development.

The UK is reaffirming its commitment to developing bilateral relations with Nigeria. British High Commissioner Dr. Richard Montgomery recently concluded a four-day visit to Lagos and Ogun States.

During this trip, he met with Governors Dapo Abiodun and Babajide Sanwo-Olu. The discussions focused on enhancing economic ties and encouraging investments between the UK and Nigeria.

Also read: Ogun governor, Dapo Abiodun, honours Olota of Ota on his 58th birthday

A highlight of the visit was the announcement by Hinckley Recycling. They will establish a $5 million battery recycling facility in Ogun State, using UK-patented technology.

This facility will be Africa’s first lithium-ion and lead-acid battery recycling centre, creating 100 new jobs.

In Lagos, Dr. Montgomery met with notable Nigerian business leaders. He engaged with executives from firms like Standard Chartered and KPMG West Africa.

The High Commissioner expressed that the visit reinforced the strong ties between the UK and Nigeria.

He stated, “Both states are vital for boosting Nigeria’s economic prosperity. The UK is dedicated to driving that growth and supporting development.

” Dr. Montgomery also emphasised the importance of the new facility and its potential for job creation in Ogun State.

The UK Government continues to support Nigeria’s development goals. British International Investment recently invested $15 million in Ogun State.

Furthermore, the UK’s Manufacturing Africa programme aids local companies in raising capital.

Nigerian telecom engineers have accused Huawei of labor law violations, citing poor working conditions, stagnant salaries, and lack of welfare benefits. The engineers have called for an investigation into Huawei’s practices.

Nigerian telecom engineers have launched a social media protest accusing Huawei of violating labor laws and exploiting workers.

The engineers claim that they face poor working conditions, stagnant salaries, and lack of essential welfare benefits.

Also read: Nigeria Secures Hosting Rights for UN Tourism Commission for Africa

The protest featured placards with messages such as “MTN/Airtel, stop using Huawei to enslave us” and “No pension scheme, poor HMO, no to work threat.”

The key grievances include:

Stagnant Salaries: Engineers reported receiving less than $100 per month despite working 24 hours a day, seven days a week without annual leave.

Lack of Operational Tools: Workers complained about the absence of essential tools like vehicles and laptops.

No Pension Scheme: There is no pension provision for the engineers.

Poor Healthcare: The lack of adequate healthcare and personal protective equipment (PPE) was highlighted.

Inadequate Risk Allowances: Rigorous tasks are performed without proper risk allowances or compensation.

The protest has also brought to light the neglect of operational data and phone call credits, which are critical for the engineers’ daily tasks.

Despite attempts to obtain a response from Huawei, MTN, and Airtel, there has been no official statement from the companies.

The engineers have called on Nigeria’s Ministry of Labour to investigate the issue and ensure that workers’ rights are upheld.

Nigerian telecom engineers accuse Huawei of labour violations pic.twitter.com/Bbpq2SMCsG

— Otunba Victor (@freelanews) September 12, 2024