The Federal Government has said it expects “immediate” investment inflows worth billions of dollars from Saudi Arabia after it signed an agreement with the Kingdom to establish a business council in Nigeria.
The statement, according to BloombergIt showed that Nigeria and Saudi Arabia have reached an agreement to revive the Nigeria-Saudi Business Council, a proposal initiated by Crown Prince Mohammed bin Salman bin Abdulaziz in 2019.
The council was discontinued during the era of former President Muhammadu Buhari.
The memorandum of understanding includes financing the fields of agriculture, oil and gas, energy, communications and technologies.
- “We expect to see significant investment inflows of billions of dollars immediately.” Minister of Budget and Economic Planning, Atiku Bagudu, told reporters in Riyadh after a working roundtable between Saudi and Nigerian officials.
- “They told us they are in the process of making additional investment decisions in Nigeria and hope to close before the end of the year.” Bagudo added.
What you should know
Earlier, Nairametrics reported that Nigeria and Saudi Arabia signed strategic relations last week, leading to the conclusion of a set of investment and cooperation agreements.
Among them is the Saudi government’s commitment to invest in repairing oil refineries in Nigeria and providing financial assistance for the government’s foreign exchange reforms.
The oil-rich Middle Eastern country revealed that it is in the process of finalizing its investment plans. Officials from the Kingdom are scheduled to conclude multiple deals during their visit to Nigeria by the end of December.
- “We know that you are ready to work, so we do not want to come to Nigeria for any exploratory discussion. We are coming to implement, it is a working visit. All agreements will be signed and delivery will begin.” Saudi Minister of Commerce and Investment Khalid Al-Falih told Nigerian President Bola Tinubu during the Business Roundtable.