Nigeria is preparing for an imminent surge of multi-billion-dollar investments from Saudi Arabia following the signing of a significant agreement, according to Bloomberg. The agreement establishes a corporate council that paves the way for Saudi Arabia to fund various Nigerian industries, including technology, telecommunications, energy, oil and gas, and agriculture.
Abubakar Atiku Bagudu, Nigeria’s Minister of Budget and Economic Planning, expressed optimism, stating, “We expect to see significant investment flow immediately” after a successful business round-table between Saudi and Nigerian officials.
The revival of the Nigeria-Saudi Arabia Business Council, initially proposed in 2019 by Crown Prince Mohammed bin Salman bin Abdulaziz, marks a new era in economic cooperation between the two nations. Bagudu mentioned that Saudi Arabia aims to make substantial investments, potentially amounting to several billion dollars in Nigeria through this council, similar to its investments in India, Indonesia, and Pakistan.
While specific figures were not disclosed, Bagudu highlighted commitments from businesses like the Saudi Agricultural and Livestock Investment Co., intending to finalize agreements in Nigeria before the year concludes. Representatives from Salic met with the Nigerian Minister of Agriculture to strengthen collaborations.
Last week witnessed a milestone in Nigeria-Saudi Arabia relations, with the two countries finalizing various investment and cooperation deals. Notably, Saudi Arabia pledged to invest in the revamping of Nigeria’s oil refineries and offer financial support for the government’s foreign-exchange reforms.
The momentum continues as Saudi Arabia is set to unveil detailed investment plans within a week, with officials aiming to finalize several deals during their visit to Nigeria by the end of December. Saudi Arabia’s Minister of Trade and Investment, Kahlid El-Falih, reaffirmed the commitment to take action at the business roundtable, stating, “We are coming for implementation, it’s an action visit. It will be to sign and begin delivery on all agreements,” as reported by Bloomberg.
Post Your Comments