President Bola Ahmed Tinubu and Saudi Crown Prince Mohammed bin Salman have committed to strengthening Nigeria’s economy through targeted collaborations in key sectors, including energy, agriculture, and infrastructure.
The two leaders discussed these initiatives on the sidelines of the Joint Arab-Islamic Summit in Riyadh on Monday.
According to a statement from Bayo Onanuga, Special Adviser to the President on Information and Strategy, Crown Prince Mohammed bin Salman voiced his support for Nigeria’s economic reforms, drawing parallels to his own efforts to stabilize and enhance Saudi Arabia’s economy. He assured President Tinubu of his commitment to achieving their shared goals in various sectors.
A major focus of the talks centered on the Saudi Agricultural and Livestock Investment Company (SALIC), which invested $1.24 billion in 2022 to acquire a 35.43% stake in Nigeria’s Olam Agri, a leading agricultural company. SALIC is exploring additional investments to help Olam become a global leader in agro-allied industries.
The statement outlined other areas of potential collaboration, including oil and gas, infrastructure development, and establishing a Saudi-Nigeria Business Council. Nigeria is also seeking an agreement with Saudi Arabia on a proposed $5 billion bilateral trade facility to further deepen economic ties.
High-level Saudi officials attended the meeting, including Minister of National Guard Prince Abdullah bin Bandar and Minister of Defense Prince Khalid bin Salman.
At the Joint Arab-Islamic Summit, Nigeria’s mandate on the ministerial committee addressing the Gaza and Lebanon conflict was renewed. Led by Saudi Arabia, the committee includes foreign ministers from Nigeria, Egypt, Qatar, Turkey, Indonesia, Palestine, and Jordan. The summit condemned Israeli military actions in northern Gaza as “genocidal” and reiterated East Jerusalem’s status as the “eternal capital” of Palestine.
