The Saudi Crown Prince and Prime Minister of Saudi Arabia, Prince Mohammed bin Salman, has assured Nigeria of support in its economic reform programmes.
The assurance came when the Crown Prince and President Bola Ahmed Tinubu met on Monday in Riyadh on the sidelines of the joint Arab-Islamic Summit, where the two leaders explored potential areas for cooperation, particularly oil and gas, agriculture, infrastructure and the constitution of the Saudi-Nigeria Business Council.Â
Nigeria is actively seeking to finalize an agreement with the Saudi government regarding a proposed $5 billion bilateral trade facility, which would significantly enhance economic ties between the two nations.
In 2022, Saudi Agricultural and Livestock Investment Company (SALIC) invested $1.24 billion to acquire a 35.43% stake in Olam Agri, one of Nigeria’s leading agricultural firms.
Ongoing talks are being held to allow SALIC to increase its stake further, as the Saudis hope that this investment will position Olam as one of the largest agro-allied businesses in the world.
The Crown Prince commended President Tinubu’s economic reforms, noting similarities to his steps to strengthen Saudi Arabia’s stability and development when he became Prime Minister.
He also assured Nigeria of his support and promised to motivate his team to realise the various areas of partnerships discussed at the meeting.
The Saudi Minister of National Guard, Prince Abdullah bin Bandar bin Abdulaziz, the Minister of Defense, Prince Khalid bin Salman bin Abdulaziz, and several senior officials attended the meeting with the Crown Prince.
