Nigeria explores trade, investment, infrastructure collaboration with Saudi Arabia

Nigeria has taken a significant step toward bolstering its economic ties with Saudi Arabia, aimed at deepening cooperation across trade, investment, and infrastructure development.

According to a statement signed by Mohammed Manga, Director, Information and Public Relations, the delegation engaged in strategic discussions following a high-level visit to Riyadh, the Capital of Saudi Arabia led by Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Representing President Bola Ahmed Tinubu and the Presidential Economic Coordination Council (PECC).

The delegation held extensive talks with key Saudi institutions, including the Saudi EXIM Bank, to establish frameworks for export credit and insurance.

These discussions are expected to enhance market access for both nations, fostering trade growth and mutual economic benefits. The Saudi EXIM Bank expressed strong interest in partnering with Nigerian entities and participating in future transactions involving Saudi government agencies.

The statement added that another meeting took place with the Saudi Development Fund, where both parties explored collaborative opportunities to boost Nigeria’s infrastructure and economic development. These engagements signal a shared commitment to fostering sustainable growth and addressing Nigeria’s development priorities.

The delegation also advanced discussions with the Saudi Agricultural and Livestock Investment Company (SALIC), emphasizing responsible investment strategies that prioritize food security, agricultural output growth, and job creation in Nigeria. SALIC reiterated its commitment to expanding its investment portfolio in the country.

In addition to engaging with leading Saudi institutions, the Nigerian delegation held high-level meetings with Saudi Ministers of Finance, Energy, Economy, and Planning. These discussions sought to align both nations’ economic agendas, ensuring a mutually beneficial partnership across critical sectors.

“The delegation also met with the Saudi Agricultural and Livestock Investment Company (SALIC) to advance ongoing conversations about their investments in Nigeria. SALIC reaffirmed its commitment to exploring further opportunities, emphasizing responsible investment practices that prioritize food security, output growth, and job creation in Nigeria.

“In a series of high-level meetings, the Nigerian delegation engaged with key Saudi Ministers, including those responsible for Finance, Energy, Economy and Planning, further cementing bilateral cooperation across vital sectors.

“Other members of Nigeria’s delegation to Saudi Arabia include Senator Abubakar Atiku Bagudu, Honourable 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.

“With this landmark visit, Nigeria and Saudi Arabia have reaffirmed their commitment to strengthening economic ties, paving the way for increased investment, job creation, and sustainable growth. As both nations continue to explore new areas of cooperation, their partnership is poised to yield mutual benefits and propel economic development in the region,” the statement reads.