Nigeria, Saudi Arabia Deepen Economic Cooperation

Nigeria has made a significant move to enhance its economic ties with Saudi Arabia through a high-level visit to Riyadh led by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.

Representing President Bola Ahmed Tinubu and the Presidential Economic Coordination Council (PECC), Mr. Edun spearheaded engagements with key Saudi Ministers and institutions to foster bilateral cooperation.

During the visit, the Nigerian delegation held strategic discussions with the Saudi EXIM Bank, focusing on developing export credit frameworks and expanding market access between the two countries.

The bank expressed a strong interest in strengthening ties with Nigerian institutions and participating in future transactions involving Saudi Government entities.

Further, the delegation explored opportunities for collaboration with the Saudi Development Fund, aiming to boost Nigeria’s infrastructure and economic development. In addition, productive talks were held with the Saudi Agricultural and Livestock Investment Company (SALIC), which reaffirmed its commitment to advancing investments in Nigeria, particularly in projects that enhance food security, increase agricultural output, and create jobs.

High-level meetings with Saudi Ministers overseeing Finance, Energy, and Economic Planning further solidified bilateral cooperation across vital sectors. The engagements emphasized shared goals of mutual investment and sustainable economic growth.

The Nigerian delegation also included Senator Abubakar Atiku Bagudu, Minister of Budget and National Planning; Mr. Wale Tinubu, member of the Presidential Economic Coordination Council; Ms. Sanyade Okoli, Special Adviser to the President on Finance and the Economy; and Mr. Muhammad Sani Abdullahi, Deputy Governor (Economic Policy) of the Central Bank of Nigeria.

This landmark visit has reinforced Nigeria and Saudi Arabia’s commitment to strengthening economic ties. Both nations are now poised to explore new areas of cooperation, paving the way for increased investment, job creation, and sustainable growth in the region.

SOURCE: PRNigeria