Nigeria targets deeper economic ties with Saudi Arabia
By Chidinma Chukwu, Abuja
ABUJA — The Federal Government has signalled plans to deepen Nigeria’s economic relationship with Saudi Arabia, with greater emphasis on agriculture, energy, investment, aviation, financial technology and trade.
The Minister of Information and National Orientation, Mohammed Idris, disclosed this in Abuja on Wednesday at a reception marking the 96th National Day of the Kingdom of Saudi Arabia.
Idris said while Nigeria’s longstanding religious and cultural ties with Saudi Arabia remained important, both countries were increasingly exploring broader economic and strategic partnerships.
His position was contained in a statement issued on Thursday by his Special Assistant (Media), Rabiu Ibrahim.
According to the minister, “Today, our relationship is also taking on a broader economic and strategic dimension. Nigeria and Saudi Arabia have opportunities to deepen cooperation in areas such as agriculture, energy, investment, aviation, financial technology, and trade.
“These are areas that can create practical benefits for both countries and strengthen our economic ties.”
Idris noted that generations of Nigerians had travelled to Saudi Arabia for pilgrimage, business and education, describing the people-to-people ties as a strong foundation for expanded cooperation.
He said Nigeria was also interested in learning from Saudi Arabia’s development experience as President Bola Ahmed Tinubu implements structural reforms under the Renewed Hope Agenda.
The minister said the administration was implementing reforms aimed at strengthening the economy, improving the investment environment, expanding infrastructure and creating greater opportunities for Nigerians.
“The administration has been implementing reforms aimed at strengthening the economy, improving the investment environment, expanding infrastructure, and creating greater opportunities for Nigerians,” he said.
Idris invited Saudi investors and businesses to explore opportunities in Nigeria, particularly in agriculture, food production, energy, infrastructure, mining, technology and other productive sectors.
“We welcome Saudi investors and businesses that are interested in Nigeria. There is considerable room for cooperation in agriculture and food production, energy, infrastructure, mining, technology, and other productive sectors,” he said.
He pointed to investments in road and rail infrastructure, efforts to improve power supply and reforms in the oil and gas sector as part of measures aimed at attracting investment.
The minister also highlighted deep offshore reforms designed to attract foreign capital while promoting local participation in the sector.
Idris commended the Saudi Embassy for its efforts to strengthen bilateral relations and congratulated the Saudi leadership and citizens on the Kingdom’s National Day.
He expressed optimism that Nigeria-Saudi relations would generate increased trade, investment and strategic cooperation in the years ahead.
The event was attended by Speaker of the House of Representatives, Tajudeen Abbas; Saudi Ambassador to Nigeria, Yousef bin Mohammed Al-Balawi; Minister of Aviation and Aerospace Development, Festus Keyamo; Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu; and former First Lady, Aisha Buhari, among other government officials and diplomatic representatives.