Saudi Crown Prince Pledges Support for Nigeria’s Economic Reforms

Saudi Crown Prince expresses commitment to assisting Nigeria’s economic reform initiatives, strengthening bilateral ties and promoting economic growth. 

In a positive step towards Nigeria’s economic advancement, Saudi Crown Prince Mohammed bin Salman guaranteed President Bola Tinubu of Saudi Arabia’s backing for Nigeria’s economic reform initiatives. This commitment was made during their meeting in Riyadh on the sidelines of the joint Arab-Islamic Summit.

Presidential spokesman Bayo Onanuga stated that the talks centered on exploring potential collaboration in areas such as oil and gas, agriculture, infrastructure, and the establishment of a Saudi-Nigeria Business Council.

The Nigerian delegation pursued a $5 billion bilateral trade facility with Saudi Arabia, intending to strengthen economic relations between the two countries.

The investment by Saudi Arabia in Nigeria’s agricultural sector emerged as a significant topic of discussion.

In 2022, the Saudi Agricultural and Livestock Investment Company (SALIC) invested $1.24 billion to acquire a 35.43% share in Olam Agri, a major agricultural company in Nigeria. Discussions are underway to further increase SALIC’s stake in Olam with the goal of transforming it into one of the world’s leading agro-allied companies.

The Crown Prince commended President Tinubu for his economic reform efforts, highlighting the similarities to his own initiatives that have bolstered Saudi Arabia’s development.

He promised complete backing for Nigeria’s reform agenda and assured Tinubu of Saudi Arabia’s dedication to achieving the partnerships they discussed.

Joining the Crown Prince were prominent officials such as Saudi Minister of National Guard, Prince Abdullah bin Bandar bin Abdulaziz, and Minister of Defence, Prince Khalid bin Salman bin Abdulaziz. Their presence underscored Saudi Arabia’s commitment to strengthening bilateral relations across various sectors.