Saudi Crown Prince Pledges Support for Nigeria’s Economic Reforms in Meeting with President Tinubu

Crown Prince and Prime Minister of Saudi Arabia, Mohammed bin Salman, has expressed his backing for Nigeria’s economic reform agenda during a meeting with Nigerian President Bola Tinubu in Riyadh.

The leaders met during the Arab-Islamic Summit to explore potential areas of cooperation, including oil and gas, agriculture, infrastructure, and the establishment of a Saudi-Nigeria Business Council, as reported by Leadership.ng on Tuesday.

Presidential spokesperson Bayo Onanuga noted that President Tinubu proposed a $5 billion bilateral trade agreement with Saudi Arabia aimed at enhancing economic relations. This proposal follows the Saudi Agricultural and Livestock Investment Company’s (SALIC) $1.24 billion investment in 2022, which secured a 35.43% stake in Olam Agri, a key Nigerian agricultural company.

Talks are ongoing for SALIC to further increase its investment, with aspirations to position Olam as a leading global agro-allied company.Crown Prince Mohammed lauded President Tinubu’s reform efforts, drawing similarities with his own initiatives to strengthen Saudi Arabia’s stability and progress since becoming Prime Minister.

He pledged unwavering support for Nigeria’s economic plans and committed to deepening the collaborative areas outlined in their discussion.The Crown Prince was joined by high-ranking officials, including Prince Abdullah bin Bandar bin Abdulaziz, Minister of National Guard, and Prince Khalid bin Salman bin Abdulaziz, Minister of Defence, highlighting the strong interest in enhancing Saudi-Nigerian relations.

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This partnership seeks to harness the strengths of both nations to drive economic growth, bolster food security, and support sustainable development, marking a major step forward in bilateral ties.