President Bola Ahmed Tinubu, during a meeting with Saudi Arabian industry leaders, expressed his commitment to removing obstacles to foreign investments in Nigeria. He assured the Saudi investors that Nigeria is now ready for business with the new cabinet members and emphasized the government’s determination to address negative perceptions about doing business in the country. Tinubu highlighted the administration’s focus on economic reforms, ease of doing business, monetary policy, and trade cooperation.
In his address, Tinubu emphasized the removal of red tape and the application of free market economics to facilitate the flow of investments. He also emphasized the elimination of old foreign exchange policies and associated corruption. Tinubu expressed confidence in the Nigerian youth, describing them as brilliant, highly educated, and passionate about innovation and engagement with world-class services.
The President assured the Saudi investors that his team is prepared to answer all their questions and is committed to fostering a prosperous partnership between the two countries. In response, Saudi Arabia’s Trade and Investment Minister, Khalid El-Falih, expressed optimism about new investments in Nigeria across various sectors. He announced plans for a visit to Nigeria with a large delegation of Saudi CEOs, emphasizing their readiness for business and the intention to focus on implementation rather than exploratory discussions.
Additionally, Saudi Arabia’s Commerce Minister, Majid bin Abdullah Al Qasabi, discussed the potential for soft infrastructural reforms to attract foreign direct investment in Nigeria. He highlighted an agreement with the World Economic Forum to focus on Nigeria’s service challenges and enhance its economic and investment viability.
Chairman of Dangote Industries, Alhaji Aliko Dangote, echoed the sentiment of Nigeria being a global investment haven under Tinubu’s leadership. He emphasized the mutual value exchange between Nigerian and Saudi economies and looked forward to expanding Nigerian operations.
The Investor Roundtable witnessed proposals from Saudi CEOs in various sectors, including construction, finance, energy, healthcare, agriculture, and telecommunications. Tinubu assured the investors of Nigeria’s readiness and expressed determination to be their partner in progress and prosperity.
The Nigerian government delegation included the Governors of Bauchi, Niger, and Katsina States, along with several ministers and business leaders. The President’s commitment to fostering a conducive environment for foreign investments and the positive reception from the Saudi investors indicate a promising outlook for economic collaboration between Nigeria and Saudi Arabia.