President Bola Ahmed Tinubu was in Riyadh, Saudi Arabia, yesterday for the Nigeria-Saudi Investment Roundtable. He assured the Saudi Arabian industry leaders that Nigeria is ‘open for business’ and that the country has made significant economic reforms to improve the ease of doing business. Tinubu expressed confidence in the Nigerian team and emphasized the removal of red tape and corruption associated with the old foreign exchange policy. He highlighted the potential of Nigeria’s human capital and assured the Saudi investors that Nigeria is prepared to answer their questions and engage in meaningful cooperation.
Kahlid El-Falih, Saudi Arabia’s Trade and Investment Minister, commended Tinubu’s passion and expressed the Saudi investment community’s readiness to respond with substantial new investments in Nigeria. El-Falih also announced plans for a visit to Nigeria with a large delegation of Saudi CEOs for concrete investment discussions and agreements.
Majid bin Abdullah Al Qasabi, Saudi Arabia’s Commerce Minister, discussed the potential for soft infrastructural reforms to attract foreign direct investment in Nigeria. He highlighted an agreement with the World Economic Forum to study Nigeria’s service challenges and enhance its economic and investment viability.
Alhaji Aliko Dangote, Chairman of Dangote Industries, emphasized Nigeria’s potential as a global investment haven and the value Nigerian companies can add to the Saudi economy. He also looked forward to expanding Nigerian operations in collaboration with Saudi investors.
The Investor Roundtable saw the participation of CEOs from various Saudi conglomerates, presenting investment opportunities in sectors such as construction, finance, energy, healthcare, agriculture, and telecommunications. President Tinubu expressed determination to be a partner in progress and prosperity, assuring the Saudi investors that Nigeria is ready to reward their faith.
The Nigerian government delegation included Executive Governors and several ministers, while the business delegation comprised prominent figures such as Aliko Dangote, Gilbert Chagoury, and Wale Tinubu.
The Nigeria-Saudi Business Council is set to be launched soon, providing a significant opportunity for both countries to expand their collaboration and investments.
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