Saudi Crown Prince Pledges Support for Nigeria's Economic Reforms

Written on 13/11/2024

Daily Nigerian

Saudi Arabia’s Crown Prince and Prime Minister, Mohammed bin Salman, has assured Nigeria of support in its ongoing economic reform initiatives. The commitment was made during a meeting between the Crown Prince and Nigerian President Bola Ahmed Tinubu on Monday in Riyadh.

The leaders met on the sidelines of the joint Arab-Islamic Summit, where they discussed strengthening bilateral ties and collaboration on economic development.

This assurance aligns with Saudi Arabia’s ongoing efforts to foster economic cooperation with African nations, as Nigeria focuses on transformative policies to boost its economy.

Bayo Onanuga, the Special Adviser to the President on Information & Strategy, disclosed this in a statement on Tuesday.

He said the two leaders explored potential areas for cooperation, particularly oil and gas, agriculture, infrastructure and the constitution of the Saudi-Nigeria Business Council.

Nigeria wants an agreement with the Saudi government over a proposed $5 billion bilateral trade facility between the two countries.

The Saudi Agricultural and Livestock Investment Company, SALIC, invested $1.24 billion in 2022 to acquire a 35.43% stake in Olam Agri, one of Nigeria’s leading agricultural firms.

Talks are being held so that SALIC can have more stake in the company.

The Saudis hoped the investment would make Olam one of the biggest agro-allied businesses in the world.