Nigeria, Saudi Arabia forge economic alliance, focus on agriculture, infrastructure
In a bid to strengthen economic ties and foster growth, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, led a delegation to Riyadh, Saudi Arabia.
Representing President Bola Tinubu and the Presidential Economic Coordination Council, the delegation engaged in strategic discussions with key Saudi institutions to boost collaboration in agriculture, trade, and infrastructure development.
The visit highlighted Nigeria’s intention to partner with Saudi Arabia’s EXIM Bank to enhance export credit and insurance frameworks while expanding market access between the two nations.
According to a statement released by the Federal Ministry of Finance, the Saudi EXIM Bank expressed interest in deepening relationships with Nigerian financial institutions and participating in future transactions involving Saudi government entities.
The statement emphasized,
“During the visit, the delegation engaged in high-level discussions with Saudi EXIM Bank, focusing on developing export credit and insurance frameworks, and expanding market access between the two nations.”
Another significant meeting was held with the Saudi Agricultural and Livestock Investment Company (SALIC), where the focus was on bolstering Nigeria’s agricultural sector.
The discussions revolved around ensuring food security, increasing agricultural output, and creating jobs. SALIC reaffirmed its commitment to advancing its investments in Nigeria, highlighting the importance of responsible investment practices.
“SALIC reaffirmed its commitment to exploring further opportunities, emphasizing responsible investment practices that prioritize food security, output growth, and job creation in Nigeria,” the statement noted.
Additionally, the delegation met with the Saudi Development Fund to explore avenues for infrastructure and economic development collaboration.
This visit marks a significant step in Nigeria’s broader strategy to deepen bilateral ties with Saudi Arabia, leveraging the strengths of both nations to create a mutually beneficial economic partnership.
With ongoing dialogues and commitments from both sides, the collaboration holds the potential to drive substantial growth in Nigeria’s agricultural, trade, and infrastructure sectors.
