Nigeria’s President, Bola Tinubu, made it clear that Nigeria is now open for business and ready to crush any obstacles that hinder the flow of funds in and out of the country. Speaking at the Nigeria-Saudi Investment Roundtable in Riyadh, Saudi Arabia, Tinubu emphasized the bold economic reforms that have been executed, declaring that red tape is a thing of the past. He expressed confidence in Nigeria’s human capital and assured serious investors that their money will flow in and out easily. Tinubu also highlighted the readiness of Nigeria’s market, particularly the brilliant and passionate Nigerian youths. The President engaged with Saudi Arabian industry leaders and expressed his commitment to tangible collaboration with them.
The President listened attentively to the pitches made by Chief Executive Officers from various Saudi conglomerates, assuring them of Nigeria’s readiness to be their partner in progress and prosperity. Alhaji Aliko Dangote, Chairman of Dangote Group, echoed the sentiment, emphasizing Nigeria’s potential as a global investment haven. He also highlighted the value that Nigerian companies can add to the Saudi economy.
Saudi Arabia’s Trade and Investment Minister, Kahlid El-Falih, commended the passion and candid expression of the Nigerian leader, expressing confidence that the Saudi investment community will respond with substantial new investments in Nigeria. He announced plans for a visit to Nigeria with a large delegation of Saudi CEOs, emphasizing the focus on implementation rather than exploratory discussions.
The Saudi Commerce Minister, Majid bin Abdullah Al Qasabi, previewed Saudi Arabia’s contribution to soft infrastructural reforms in Nigeria, aiming to unlock significant foreign direct investment. He outlined an agreement with the World Economic Forum to make Nigeria the pilot country for studying service challenges and enhancing the country’s economic and investment viability.
The Nigerian government delegation, along with business leaders such as Aliko Dangote, Ambassador Gilbert Chagoury, and Wale Tinubu, were present at the roundtable, demonstrating Nigeria’s commitment to fostering strong partnerships with Saudi Arabia. The engagement concluded with a clear focus on concrete work plans and agreements for substantial investments in key sectors, setting the stage for a formal inauguration of the Nigeria-Saudi Business Council.
The roundtable showcased Nigeria’s determination to attract foreign investments and foster mutually beneficial partnerships, setting the stage for a new era of economic collaboration between Nigeria and Saudi Arabia.