Nigeria, Saudi Arabia strengthen economic ties

Nigeria and Saudi Arabia have begun moves to strengthen their economic ties with export credit and infrastructure development.

A statement from the Ministry of Finance on Tuesday, said the Minister of Finance and Coordinating Minister of the Economy, Wale Edun led a Nigerian delegation to Riyadh to strengthen economic cooperation with Saudi Arabia.

According to the statement, Edun represented President Bola Tinubu and the Presidential Economic Coordination Council, PECC, during the official visit.

The ministry said that the delegation engaged in high-level discussions with the Saudi Export-Import, EXIM, Bank, focusing on developing export credit and insurance frameworks to boost market access between the two nations.

It also said that the bank expressed interest in deepening relationships with Nigerian institutions and participating in future transactions with 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 delegation also met with the Saudi Agricultural and Livestock Investment Company, SALIC, to advance ongoing conversations about their investments in Nigeria,” the ministry said

The Finance Ministry stated that SALIC reiterated its commitment to seeking additional investment opportunities, emphasising its focus on responsible practices aimed at enhancing food security, boosting agricultural output, and creating jobs in Nigeria.

Also, the Nigerian delegation held discussions with prominent Saudi ministers including those responsible for finance, energy, and economy and planning, further strengthening bilateral collaboration across critical sectors.

Accompanying Edun on the delegation were Abubakar Bagudu, the minister of budget and national planning; Wale Tinubu, a member of the presidential economic coordination council; Sanyade Okoli, special adviser to the president on finance and the economy; and Muhammad Abdullahi, deputy governor for economic policy at the Central Bank of Nigeria, CBN.