Nigeria's federal government and the Dubai World Corporation yesterday signed an agreement which will witness the company invest US$16 billion in the oil and gas industry.

Dubai World is the investment arm of Dubai and the company has operations across the world.

Business Day reports that Minister of Justice and Attorney General of the Federation, Mike Aondoakaa, who signed the agreement on behalf of the federal government said that the investment is one of the biggest by a foreign country into Africa.

It is expected that Dubai World will invest in liquefied natural gas projects, power plants, the development of ports, and real estate including the Abuja Mega city project.

Sultan Ahmed Bin Sulayem, who headed the Dubai delegation said that his group is unfazed by the current financial crisis and committed to exploit the host of opportunities that Nigeria has to offer.