Saudi Investments and Trade Ties Signal Boost for Nigeria’s Economy
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has commended President Bola Tinubu’s global economic diplomacy, highlighting its positive impact on the country’s economy.
Speaking to State House correspondents in Lagos on Sunday, Edun noted that Tinubu’s engagements across continents—including visits to Brazil, China, India, Germany, and France—have started to attract significant foreign investments and partnerships.
As part of these efforts, Edun recently led a high-level Nigerian delegation to Riyadh, Saudi Arabia, to strengthen ties initiated by Tinubu with Crown Prince Mohammed bin Salman. The team included Budget and National Planning Minister Sen. Abubakar Bagudu, Presidential Economic Coordination Council member Mr. Wale Tinubu, and other senior officials.
During the visit, discussions were held with key Saudi institutions such as the Saudi EXIM Bank, Saudi Development Fund, and Saudi Agricultural and Livestock Investment Company (SALIC). These talks aimed to solidify investment commitments and explore new areas of collaboration.
Major Investments
Edun revealed that SALIC had increased its investment in Olam Nigeria by $1.2 billion on December 23, a move he attributed to Tinubu’s proactive diplomacy and reforms to stabilize Nigeria’s macroeconomic environment.
“This investment directly translates to jobs for Nigerians,” Edun said, explaining that Saudi investments typically focus on creating local opportunities rather than exporting labor.
He emphasized that such partnerships are critical to improving foreign exchange reserves, fostering economic growth, and generating employment.
Recognition of Tinubu’s Reforms
Sen. Abubakar Bagudu noted the respect Saudi leaders have for President Tinubu, likening his reform measures to those implemented by Crown Prince Salman in transforming Saudi Arabia.
“They see in Tinubu a leader who is making tough choices to reposition his country,” Bagudu said. He pointed to the removal of subsidies and other reforms as bold steps that have drawn admiration from international partners.
Bagudu expressed confidence that the strengthened relationship with Saudi Arabia would yield even more investments, bolstering Nigeria’s economy.
Optimism for 2025
Bagudu projected a positive outlook for Nigeria’s economy in 2025, highlighting expectations of lower inflation, increased employment, enhanced security, and more investments in infrastructure, education, and healthcare.
“We believe we’ve turned the corner. The worst is behind us, and the foundation is set for sustainable growth,” he said.
