President Bola Tinubu’s recent visit to Riyadh, Saudi Arabia, has yielded a potential $5 billion trade facility to bolster Nigeria’s economic reform program.
This development follows a meeting with Crown Prince Mohammed bin Salman during the joint Arab-Islamic Summit.
President Tinubu announced the possible deal, citing the crown prince’s assurance of Saudi Arabia’s support for Nigeria’s economic reforms.
The proposed investment deal has been in the works since the formation of the Nigeria-Saudi Arabia Business Council over a year ago.
Nigeria and Saudi Arabia have a longstanding trade relationship, with Nigeria exporting crude petroleum and Saudi Arabia exporting refined petroleum and polymers. The two leaders explored cooperation opportunities in oil and gas, agriculture, infrastructure, and the Saudi-Nigeria Business Council.
Minister of Budget and Economic Planning, Abubakar Atiku Bagudu expressed optimism about large investment inflows from Saudi Arabia.
President Tinubu’s visit to Saudi Arabia aimed to strengthen bilateral relations and explore investment opportunities. According to him, Nigeria has secured over $30 billion in foreign direct investment.
During the summit, Tinubu addressed the Israel-Palestinian conflict, advocating for an immediate ceasefire and a peaceful resolution. He reiterated Nigeria’s support for a two-state solution, ensuring self-determination and peace for both Israelis and Palestinians.
Tinubu described the gathering as a crucial chance for diplomatic efforts toward ensuring peace and commended King Salman and Crown Prince Mohammed bin Salman for organizing it.
Nigeria’s economic reform program seeks to lift millions out of poverty. With nearly 225 million people, Nigeria is Africa’s most populous country, but approximately 40% of its population lives below the national poverty line.
The $5 billion trade facility from Saudi Arabia could provide a significant boost to Nigeria’s economic growth.
