By Raven
Date: November 12, 2023
In a groundbreaking move, Saudi Arabia has pledged an “immediate” multi-billion-dollar investment in Nigeria, marking a historic moment for economic collaboration between the two nations. The investment is anticipated to span various crucial sectors, including agriculture, oil and gas, energy, telecommunications, and technology.
This significant development follows the establishment of a renewed Nigeria-Saudi Arabia Business Council, originally proposed in 2019 by Crown Prince Mohammed bin Salman bin Abdulaziz and reinstated by the current Nigerian government. The council is poised to become a pivotal platform for channeling substantial funds from the Middle Eastern nation into diverse sectors of the West African country.
Abubakar Atiku Bagudu, Nigeria’s Minister of Budget and Economic Planning, expressed optimism about the immediate impact of this partnership. During an interview in Riyadh, he stated, “We expect to see a significant investment flow immediately.” The anticipation is buoyed by the fruitful discussions held during a recent business round-table between officials from Saudi Arabia and Nigeria.
The reinvigorated Business Council aims to replicate successful investment models implemented by Saudi Arabia in countries such as India, Indonesia, and Pakistan. While exact figures were not disclosed, Minister Bagudu hinted at potential investments worth several billion dollars. Notably, companies like the Saudi Agricultural and Livestock Investment Co have already committed to finalizing several deals in Nigeria by the end of the year.
In a collaborative effort, Nigeria’s Minister of Agriculture has engaged with his Saudi counterpart and Salic executives to ensure the seamless execution of these promising ventures. This landmark agreement not only signifies a boost for Nigeria’s economy but also underscores the growing global partnerships shaping the economic landscape.
