By Our Reporter with agency report
In a promising development for Nigeria’s economic growth, Saudi Crown Prince Mohammed bin Salman assured President Bola Tinubu of Saudi Arabia’s support for Nigeria’s economic reform programs during a meeting in Riyadh on the sidelines of the joint Arab-Islamic Summit.
A statement by Presidential spokesman Bayo Onanuga highlighted that the discussions focused on potential collaboration in oil and gas, agriculture, infrastructure, and the formation of a Saudi-Nigeria Business Council.
The Nigerian delegation also sought a $5 billion bilateral trade facility with Saudi Arabia, aimed at bolstering economic ties between the two nations.
Saudi Arabia’s investment in Nigeria’s agriculture was a notable topic of discussion.
In 2022, the Saudi Agricultural and Livestock Investment Company (SALIC) invested $1.24 billion to acquire a 35.43% stake in Olam Agri, one of Nigeria’s key agricultural firms. Talks are ongoing to expand SALIC’s stake in Olam, aiming to make it one of the world’s largest agro-allied companies.
The Crown Prince praised President Tinubu’s economic reform efforts, noting similarities to his own initiatives that have strengthened Saudi Arabia’s development.
He pledged full support for Nigeria’s reform agenda and assured Tinubu of Saudi Arabia’s commitment to realizing the discussed partnerships.
Accompanying the Crown Prince were high-ranking officials, including the Saudi Minister of National Guard, Prince Abdullah bin Bandar bin Abdulaziz, and the Minister of Defence, Prince Khalid bin Salman bin Abdulaziz, reflecting Saudi Arabia’s intent to deepen bilateral relations across multiple sectors.
