Nigeria Strengthens Economic Ties with Saudi Arabia

Nigeria has taken a significant step in bolstering its economic relations with Saudi Arabia, with a high-level visit to that country led by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.

Other members of Nigeria’s delegation to Saudi Arabia were the Minister of Budget and National Planning; Mr. Wale Tinubu, Senator Abubakar Atiku Bagudu, who is also a member of the Presidential Economic Coordination Council; Special Adviser to the President on Finance and the Economy,

Ms. Sanyade Okoli, and Deputy Governor (Economic Policy), Central Bank of Nigeria, Mr. Muhammad Sani Abdullahi.

A press statement issued by the Director, Press and Public Relations, Ministry of Finance, Mohammed Manga, said the delegation’s engagement with key Saudi ministers and institutions marked a new chapter in bilateral cooperation between the two countries.

“The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, representing President Bola Ahmed Tinubu and the Presidential Economic Coordination Council (PECC), led a delegation to Riyadh to strengthen economic cooperation between Nigeria and Saudi Arabia.

“During the visit, the delegation engaged in high-level discussions with Saudi EXIM Bank, focusing on developing export credit and insurance frameworks as well as in expanding market access between the two nations.

“The bank expressed interest in deepening relationships with Nigerian institutions and participating in future transactions involving Saudi Government entities.

“Additionally, the delegation held strategic talks with the Saudi Development Fund to explore potential areas of collaboration aimed at boosting infrastructure and economic development in Nigeria,” the statement said.

It added that the delegation also met with the Saudi Agricultural and Livestock Investment Company (SALIC) to advance ongoing conversations about their investments in Nigeria. “SALIC reaffirmed its commitment to exploring further opportunities, emphasizing responsible investment practices that prioritize food security, output growth, and job creation in Nigeria.

“In a series of high-level meetings, the Nigerian delegation engaged with key Saudi ministers, including those responsible for finance, energy, economy and planning, further cementing bilateral cooperation across vital sector,” the minister said.

Ndubuisi Francis

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