Saudi Crown Prince backs our economic reforms – Presidency

Nigeria’s economic reform agenda has received support from Saudi Arabia’s Crown Prince Mohammed bin Salman, according to a statement from the Nigerian presidency.

The statement, released by Bayo Onanuga, the President’s Special Adviser on Information and Strategy, indicated that discussions centred on a proposed $5 billion bilateral trade facility between the two nations.

During the meeting, which took place on the sidelines of the joint Arab-Islamic Summit, Crown Prince Mohammed bin Salman and President Bola Ahmed Tinubu discussed potential partnerships in oil and gas, agriculture, and infrastructure development.

The discussions included plans for a Saudi-Nigeria Business Council and follow-up on existing Saudi investments in Nigeria’s agricultural sector. The Saudi Agricultural and Livestock Investment Company (SALIC) currently holds a 35.43% stake in Olam Agri, acquired through a $1.24 billion investment in 2022.

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“The two leaders explored potential areas for cooperation, particularly oil and gas, agriculture, infrastructure and the constitution of the Saudi-Nigeria Business Council,” Bayo Onanuga, said in the statement.

The meeting also addressed the formation of a Saudi-Nigeria Business Council to facilitate stronger economic ties between the two nations.

The talks were attended by senior Saudi officials, including Prince Abdullah bin Bandar bin Abdulaziz, Minister of National Guard, and Prince Khalid bin Salman bin Abdulaziz, Minister of Defense.

In a related development, the Joint Arab-Islamic Summit extended the mandate of a ministerial committee tasked with diplomatic engagement regarding conflicts in Gaza and Lebanon. Nigeria serves on this committee alongside Egypt, Qatar, Turkey, Indonesia, Palestine, and Jordan, with Saudi Arabia acting as chair.

The committee, established in November 2023, will continue its diplomatic outreach and submit periodic reports to the Organisation of Islamic Cooperation and the League of Arab States.