Tinubu assures Saudi investors that their investments are secure in Nigeria

Potential investors have been reassured by President Bola Tinubu that their money is secure in Nigeria.

At the Saudi-African Summit on Friday in Riyadh, Saudi Arabia, he provided the assurance.

Reiterating that Nigeria is open for business, President Tinubu promised investors some of the greatest returns on investment in the world.

In order to battle terrorist outfits like Boko Haram, ISWAP, and other violent extremist groups that have been terrorising the Lake Chad and Sahel regions, he stated that Nigeria is eager to strengthen its cooperation with the Kingdom of Saudi Arabia.

The President’s Special Advisor on Media and Publicity, Ajuri Ngelale, cited him in a statement, stating that Saudi Arabia and Nigeria have long had a unique connection on both the bilateral and international levels.

Our bilateral relationship, which was initially focused on the hajj, has diversified over the past 60 years to encompass several areas of shared interest.

It is wonderful to observe that many of our countrymen and professionals, including highly qualified doctors and professional football players, are present in this beautiful kingdom.

“Our two countries have effectively used these and other platforms to enhance close interaction and coordination as members of several international organisations, including the UN, the Organisation of Petroleum Exporting Countries, the International Energy Forum, the G77, the Islamic Development Bank, and the Digital Cooperation Organisation, among others. As we work to further our shared objectives, I have no doubt that we will continue to exhibit our positive dispositions together on these platforms.

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In order to support sustainable development, Nigeria, like the Kingdom, is diversifying its economy away from its reliance on oil. My administration has implemented audacious economic reforms, such as eliminating unnecessary petroleum subsidies and consolidating our foreign exchange market, in addition to other measures targeted at enhancing the ease of conducting business in Nigeria.

In addition, I want to reassure any prospective Saudi investors about the safety of their money, which is based on the upholding of the rule of law and the possibility of earning healthy returns in the biggest economy in Africa. The advantages of the Nigeria-Saudi Business Council’s early inauguration in this regard cannot be overstated.

Through the King Salman Humanitarian Aid and Relief Centre, President Tinubu expressed gratitude to the Kingdom for its numerous humanitarian initiatives in Nigeria.

Regarding climate change and its impact on Africa, President Tinubu stated that the issue has caused Nigeria and many other African countries to experience frequent flooding and an accelerated rate of desertification.

He complimented the Kingdom on its efforts to combat climate change effects through a number of programmes, noting that Nigeria is also pursuing a number of initiatives to combat climate change effects and energy poverty.

Tinubu went on to say, “We recently unveiled a data-driven Energy Transition Plan that lays out our plans for industrialization using new energy systems and universal access to contemporary energy services, as well as a clear carbon reduction policy and targets net-zero emissions by the year 2060.

“Mr. Chairman, let me also use this occasion to underline Nigeria’s full support for the Kingdom’s bids to host the FIFA Senior Men’s World Cup in 2034—which is now almost a done deal—and the 2030 World Expo in Riyadh.

The President restated Nigeria’s demand for an expeditious cessation of hostilities and the pursuit of a diplomatic settlement to the Middle East crisis, specifically with respect to Israel and Palestine.