Nigeria’s President Woos Saudi Investors in Effort to Boost Economy
President Bola Tinubu recently conveyed Nigeria’s status as a prime investment opportunity to potential Saudi partners during the Nigeria-Saudi Investment Roundtable in Riyadh. He stressed Nigeria’s commitment to reforming its economic policies to create a more business-friendly and profitable environment for investors.
Tinubu provided assurance to the Saudi investors that his administration has implemented key economic reforms aimed at eliminating bureaucratic red tape and outdated foreign exchange policies. He highlighted the country’s rich human capital, specifically emphasising the well-educated, innovative, and eager-to-engage Nigerian youth with global business prospects.
During the roundtable, the President engaged with numerous Saudi business leaders representing various sectors such as construction, finance, energy, healthcare, agriculture, and telecommunications, as they presented their investment proposals for Nigeria. He expressed his dedication to facilitating meaningful collaboration and ensuring that the Saudi confidence in Nigeria as an investment destination is rewarded.
In addition to President Tinubu’s address, prominent Nigerian businessman Aliko Dangote echoed his sentiments, emphasizing the untapped potential within Nigeria waiting to be harnessed. Dangote expressed a desire for a two-way investment process that would also benefit the Saudi economy and called for closer collaboration between the two countries.
Saudi Arabia’s Trade and Investment Minister, Kahlid El-Falih, acknowledged the sincerity and commitment exhibited by President Tinubu and assured that the Saudi investment community will respond with substantial investments across several sectors of the Nigerian economy. He also announced plans for a high-level visit to Nigeria with a large delegation of Saudi CEOs to finalize concrete investment agreements.
The Saudi Commerce Minister, Majid bin Abdullah Al Qasabi, delineated plans for Saudi Arabia to support Nigeria in the services sector, focusing on enhancing supply chains and raising standards to boost Nigeria’s long-term economic and investment viability.
The Nigerian government delegation, comprising several state governors and ministers, as well as prominent business leaders such as Dangote and Wale Tinubu, presented a united front in promoting Nigeria as an attractive investment destination.
In conclusion, the roundtable served as a platform for fruitful discussions and laid the groundwork for future investment collaborations between Nigeria and Saudi Arabia. President Tinubu’s determined efforts to attract foreign investment are anticipated to yield positive results, and the partnership between the two countries holds great promise for mutual economic growth.
