In a bold move to strengthen Nigeria’s economic foundation, President Bola Tinubu’s administration has initiated high-level talks with Saudi Arabia, aimed at bolstering trade, investment, and infrastructure development.
Leading the Nigerian delegation in Riyadh is Wale Edun, Minister of Finance and Coordinating Minister of the Economy, alongside other key officials.
The delegation, representing the Presidential Economic Coordination Council, has embarked on a series of strategic engagements with major Saudi institutions, including the Saudi Export-Import Bank (Saudi EXIM Bank), the Saudi Development Fund, and the Saudi Agricultural and Livestock Investment Company (SALIC).
A key highlight of the talks was the delegation’s meeting with the Saudi EXIM Bank, where discussions centered on mechanisms for export credit and insurance to facilitate increased trade between the two nations.
The Saudi EXIM Bank expressed interest in collaborating with Nigerian financial institutions and participating in future transactions involving Saudi government entities.
The meeting underscores Nigeria’s push to diversify its trade portfolio while expanding market access for Nigerian products in the Middle East and beyond.
The delegation also held discussions with the Saudi Development Fund, a globally recognized institution known for its expertise in financing infrastructure projects.
Talks focused on identifying collaborative initiatives that could accelerate Nigeria’s infrastructure development and economic growth.
This partnership aligns with Tinubu’s vision to address critical infrastructure deficits and improve Nigeria’s economic competitiveness.
In a significant move to strengthen Nigeria’s agribusiness sector, the delegation engaged with SALIC, which currently has investments in Nigeria.
Discussions explored opportunities for expanding SALIC’s footprint in the country, with a focus on enhancing food security, increasing agricultural output, and creating jobs.
SALIC reaffirmed its commitment to sustainable investment practices that align with Nigeria’s agricultural development goals.
Beyond institutional meetings, the delegation held discussions with Saudi ministers responsible for finance, energy, and economic planning.
These meetings aimed to harness Saudi Arabia’s expertise in energy development and economic planning to drive Nigeria’s growth agenda.
Accompanying Edun on this mission were Senator Abubakar Atiku Bagudu, Minister of Budget and National Planning; Wale Tinubu, member of the Presidential Economic Coordination Council; Sanyade Okoli, Special Adviser to the President on Finance and the Economy; and Muhammad Sani Abdullahi, Deputy Governor (Economic Policy) of the Central Bank of Nigeria.
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