President Bola Ahmed Tinubu has assured potential investors that their investments are safe in Nigeria.
Speaking at the Saudi-Africa Summit in Riyadh, Saudi Arabia, yesterday, President Tinubu said Nigeria is ready for business, while assuring investors of some of the world’s highest returns on investment.
The President said Nigeria is desirous of enhancing collaboration with the Kingdom of Saudi Arabia on combating terrorist organisations such as Boko Haram, Islamic State’s West Africa Province (ISWAP) and other violent extremist groups, which have been terrorising the Lake Chad and Sahel regions.
President Tinubu said: “Nigeria and Saudi Arabia have always enjoyed a special relationship at both the bilateral and multilateral levels. Within the past six decades, our bilateral cooperation, which was initially hajj-centric, has witnessed diversification to cover a number of areas of common interest. It is delightful to note the presence in this great Kingdom of a large number of our compatriots and professionals, including highly-skilled medical practitioners and professional football players.
“As members of several international organizations, including the United Nations (UN), the Organisation of Petroleum Exporting Countries (OPEC), the International Energy Forum, the G77, the Islamic Development Bank, the Digital Cooperation Organisation among others, our two nations have effectively used these and other platforms to enhance close interaction and coordination. I am confident that our joint positive disposition within these platforms will continue to be demonstrated as we seek to advance our mutual interests.
“Nigeria, like the Kingdom, is diversifying her economy away from oil dependence to promote sustainable development. My administration has undertaken bold economic reforms by removing wasteful subsidies on petroleum and the merging of our foreign exchange market, among other incentives aimed at improving the ease of doing business in Nigeria.
“I also wish to assure all potential Saudi investors of the safety of their investments based on the sanctity of the rule of law and good returns on their investments in the largest economy in Africa. In this regard, the benefit attached to the early inauguration of the Nigeria-Saudi Business Council can not be over-emphasized.”
The President thanked the Kingdom for the various humanitarian interventions in Nigeria through the King Salman Humanitarian Aid and Relief Centre.
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Speaking on climate change and how it affects Africa, President Dinuba said climate change had led to an expedited rate of desertification and incessant flooding in Nigeria and many other countries of Africa.
He commended the efforts of the Kingdom for its various initiatives to fight the effects of climate change, adding that ‘’Nigeria is also working on a number of initiatives to fight the effects of climate change and energy poverty.’’
“Recently, we launched a data-driven Energy Transition Plan, which sets forth a clear carbon reduction policy and targets net-zero emissions by the year 2060 while also setting out our plans for industrialization using new energy systems and universal access to modern energy services.
“Mr. Chairman, let me also use this opportunity to reiterate Nigeria’s full support for the Kingdom’s bids to host the 2030 World Expo in Riyadh and the 2034 FIFA Senior Men’s World Cup, the latter of which is now all but guaranteed to succeed,” the President said.
On the situation in the Middle East, particularly in Palestine, the President reiterated Nigeria’s call for an immediate ceasefire and the pursuit of a peaceful resolution to the conflict.
Meanwhile, the Government of Saudi Arabia has pledged to invest in the revamp of Nigeria’s refineries, as well as provide financial support to sustain the government’s foreign exchange reforms.
Saudi Crown Prince, HRH Mohammed bin Salman, made these pledges at a bilateral meeting with President Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh.
To support the Central Bank’s ongoing reforms of Nigeria’s foreign exchange regime, the Saudi Government will make available a substantial deposit of foreign exchange to boost Nigeria’s forex liquidity, a statement yesterday by the Minister of Information and National Orientation, Mohammed Idris, disclosed.
Prince bin Salman commended the economic reforms being implemented by President Tinubu, and expressed the commitment of the Saudi Government to supporting these reforms, and enabling Nigeria to reap the full benefits.
According to him, Saudi Arabia is very eager to see Nigeria thrive under President Bola Tinubu, and realise its full potential as the economic giant of Africa.
In addition to these, Prince bin Salman also highlighted Agriculture and Renewable Energy as areas of investment interest for Saudi Arabia, in Nigeria, to help the country attain food and energy security, respectively.
The Crown Prince hinted that the refinery investments in Nigeria will be led by the Saudi state-owned oil company, Saudi Aramco, with the revamp to be completed within a two- to three-year timeframe.
The Crown Prince also expressed appreciation to Nigeria for its active participation in, and support for OPEC+.
