NIGERIA IN TALKS WITH SAUDI ARABIA TO STRENGTHENS ECONOMIC TIES. (PHOTO).

 Nigeria in talks with Saudi Arabia to strengthens economic ties

A Nigerian delegation, headed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, is in Riyadh to enhance economic ties between Nigeria and Saudi Arabia.

According to a statement on the Ministry of Finance’s official X handle, the delegation represents President Bola Tinubu and the Presidential Economic Coordination Council. 

It has initiated a series of strategic meetings with key Saudi institutions and government officials to strengthen bilateral cooperation.

During talks with the Saudi Export-Import Bank (Saudi EXIM Bank), the delegation explored mechanisms for export credit and insurance to boost trade and investment opportunities. 

The Saudi EXIM Bank expressed its commitment to fostering stronger ties with Nigerian financial institutions and signaled interest in participating in future transactions involving Saudi government entities. 

These discussions aim to expand market access and support Nigeria’s trade diversification efforts.

The delegation also engaged with the Saudi Development Fund, a globally recognized financing institution for infrastructure and economic development. 

Discussions focused on identifying collaborative projects that could drive Nigeria’s economic growth and infrastructure expansion.

In a bid to advance Nigeria’s agricultural development, the delegation held discussions with the Saudi Agricultural and Livestock Investment Company (SALIC). 

Talks highlighted SALIC’s current investments in Nigeria and plans for further expansion, emphasizing the potential for enhanced collaboration in agriculture and livestock sectors.

These engagements underscore Nigeria’s commitment to deepening partnerships with Saudi Arabia to bolster trade, investment, and development initiatives.

The company insisted on its commitment to responsible investment practices that prioritize food security, agricultural output growth, and job creation in Nigeria. 

This collaboration aligns with Nigeria’s drive to enhance its agribusiness sector and ensure sustainable food production.

The delegation also engaged in a series of high-level meetings with Saudi ministers responsible for Finance, Energy, and Economy and Planning. 

These discussions aimed to foster bilateral cooperation across vital sectors, with a view to leveraging Saudi Arabia’s expertise and resources in energy development, economic planning, and financial management.

Accompanying Mr. Edun on this mission were members of the Presidential Economic Coordination Council and other key officials, including: Senator Abubakar Atiku Bagudu, Minister of Budget and National Planning. Mr. Wale Tinubu, member of the Presidential Economic Coordination Council. Ms. Sanyade Okoli, Special Adviser to the President on Finance and the Economy and Mr. Muhammad Sani Abdullahi, Deputy Governor (Economic Policy) of the Central Bank of Nigeria.