Addressing Saudi Arabia at an ongoing summit in the oil-rich nation, Africa’s richest man said Nigeria, under the leadership of President Bola Tinubu, will be unearthed to the world as a foremost global investment haven.
“What I always say about Nigeria is that it is the world’s best kept secret in terms of investments and returns. We are also looking to ensure that our investments are a two-way process. Nigerian companies have a lot of value to add to the Saudi economy, and we look forward to working together in expanding our Nigerian operations as well.”
“The soon coming launch of the Nigeria-Saudi Business Council will be a huge opportunity for both countries to expand on what has been established here,” he said.
Saudi Arabia’s Commerce Minister, Majid bin Abdullah Al Qasabi, previewed how his country can further contribute to the soft infrastructural reforms needed to unlock game-changing quantum of foreign direct investment in Nigeria.
“We have signed an agreement with the World Economic Forum on the reform of the services sector in Africa. In developed economies, the services sector contributes enormously to GDP. But in the developing world, we tend to focus on goods.”
“So, we would like to make Nigeria the pilot country in this agreement with WEF to study Nigeria’s service challenges to make it seamless and make the supply chains across sectors streamlined and raised to international standard to enhance Nigeria’s economic and investment viability over the long-term,” he stated.
At the Investor Roundtable, dozens of Chief Executive Officers from several Saudi conglomerates specializing in construction, finance, new and traditional energy, healthcare, agriculture, electric power, mining, aviation, telecommunications, creative arts, and hospitality were present and made their exploratory pitches to President Tinubu on areas of tangible collaboration.
The Nigerian government delegation comprised of the Executive Governors of Bauchi, Niger and Katsina States; Minister of Finance & Coordinating Minister of the Economy, Mr. Wale Edun; Minister of Budget & Economic Planning, Sen. Abubakar Bagudu; Minister of Industry, Trade & Investment, Dr. Doris Uzoka-Anite; Minister of Communications, Innovation & Digital Economy, Dr. Bosun Tijani; Minister of Agriculture, Sen. Abubakar Kyari; Minister of Humanitarian Affairs & Poverty Alleviation, Dr. Betta Edu; and Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri.