With the conclusion of the joint Arab-Islamic summit on Monday, the Nigerian government has urged Saudi Arabia to concretise the proposed $5 billion investment in the country.
This followed the assurances by Saudi Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud, to support the country’s ongoing economic reform programmes.
Bayo Onanuga, the presidential spokesman, said the assurance came when the Crown Prince and President Bola Tinubu met on Monday in Riyadh on the sidelines of the joint Arab-Islamic Summit.
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The Saudi Agricultural and Livestock Investment Company (SALIC) had already invested $1.24 billion in 2022 to acquire a 35.43 percent stake in Olam Agri, one of Nigeria’s leading agricultural firms.
The two leaders explored potential areas for cooperation, particularly oil and gas, agriculture, infrastructure and the constitution of Saudi-Nigeria Business Council.
“Nigeria wants an agreement with the Saudi government over a proposed $5 billion bilateral trade facility between the two countries”, Onanuga said.
He added that talks were being held for SALIC to have more stake in the company.
The Saudis hoped the investment would make Olam one of the biggest agro-allied businesses in the world.
The Crown Prince, who commended Tinubu’s economic reforms, noted similarities to his steps to strengthen Saudi Arabia’s stability and development when he became Prime Minister.
He also assured Nigeria of his support and promised to motivate his team to realise the various areas of partnership discussed at the meeting.
At the meeting with the Crown Prince were the Saudi Minister of National Guard, Prince Abdullah bin Bandar bin Abdulaziz, the Minister of Defence, Prince Khalid bin Salman bin Abdulaziz, and several senior officials.
A communique issued at the end of the joint Arab-Islamic summit said the summit has renewed the mandate of Nigeria and other member states on the ministerial committee assigned to engage with global leaders in seeking an end to the ongoing war in Gaza and Lebanon.
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This decision was part of the resolution issued after the extraordinary joint Arab-Islamic summit, which took place in Riyadh, Saudi Arabia, on November 11, 2024.
President Bola Tinubu and other leaders from the Organisation of Islamic Cooperation (OIC) and the League of Arab States were in attendance
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