The Federal Ministry of Finance has announced that Saudi Arabia is exploring potential investments in Nigeria’s infrastructure sector.
This development follows a high-level visit by a Nigerian delegation to the Gulf nation, aimed at fostering bilateral economic cooperation.
According to a statement issued by the ministry’s spokesman, Mr. Mohammed Manga, in Abuja, the delegation was led by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun. The team held strategic discussions with key Saudi ministers and institutions to identify opportunities for collaboration in various sectors.
Key Discussions on Infrastructure and Economic Development
“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,” Mr. Manga stated.
The delegation also engaged with the Saudi Agricultural and Livestock Investment Company to build on ongoing discussions regarding Saudi investments in Nigeria. SALIC reaffirmed its dedication to responsible investment practices, highlighting priorities such as food security, increased output, and job creation in the country.
High-Level Bilateral Engagements
Mr. Manga added that the Nigerian team participated in a series of high-level meetings with Saudi ministers responsible for finance, energy, and economic planning. These discussions were aimed at strengthening bilateral cooperation across critical sectors.
The delegation also met with Saudi EXIM Bank to explore the development of export credit and insurance frameworks. Discussions centred on enhancing market access and fostering deeper institutional relationships.
“The bank expressed interest in deepening relationships with Nigerian institutions and participating in future transactions involving Saudi Government entities,” Mr. Manga said.
Members of the Nigerian Delegation
The Nigerian delegation included prominent officials and stakeholders, such as:
– 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.
– Mr. Muhammad Sani Abdullahi, Deputy Governor (Economic Policy) of the Central Bank of Nigeria.
Strengthening Bilateral Ties
The visit underscores Nigeria’s efforts to attract foreign investment to drive infrastructure development and economic growth. With Saudi Arabia showing interest in strategic collaborations, both nations could benefit from expanded market access and enhanced economic ties in the near future.
