Saudi Arabia Pledges Support For Nigeria’s Economic Reforms
Saudi Crown Prince Mohammed bin Salman has pledged to back Nigeria’s economic reform with $5bn bilateral trade facility.
The two leaders, who pledged through strategic collaborations in energy, agriculture, and infrastructure, made this commitment on the sidelines of the Joint Arab-Islamic Summit in Riyadh, Saudi Arabia, on Monday.
According to a statement issued on Tuesday by Bayo Onanuga, Special Adviser to the President on Information and Strategy, Crown Prince Mohammed bin Salman expressed support for Nigeria’s ongoing economic reforms, likening them to his own efforts to stabilize and strengthen Saudi Arabia since becoming Prime Minister.
The Prince assured Tinubu of his backing and promised to drive his team towards achieving joint objectives in the discussed sectors.
A key focus of the talks was the Saudi Agricultural and Livestock Investment Company (SALIC), which acquired a 35.43% stake in Nigeria’s agricultural giant, Olam, by investing $1.24 billion in 2022. SALIC is considering further investments to make Olam one of the world’s largest agro-allied enterprises.
The statement reads in part, “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.
“The Crown Prince commended President Tinubu’s economic reforms, noting similarities to his steps to strengthen Saudi Arabia’s stability and development when he became Prime Minister.”
High-ranking Saudi officials, including Minister of National Guard Prince Abdullah bin Bandar and Minister of Defence Prince Khalid bin Salman, attended the meeting.
The Joint Arab-Islamic Summit also renewed Nigeria’s mandate on the ministerial committee engaging with global leaders to end the ongoing war in Gaza and Lebanon. The committee, led by Saudi Arabia, includes foreign ministers from Nigeria, Egypt, Qatar, Turkey, Indonesia, Palestine, and Jordan.
The summit condemned Israeli military actions in northern Gaza, describing them as “crimes of genocide,” and criticized ongoing efforts to solidify Israel’s presence in occupied East Jerusalem, reaffirming it as the “eternal capital” of Palestine.
