Tinubu’s Economic Diplomacy: Transforming Nigeria’s Global Partnerships

Discover how President Bola Tinubu’s economic diplomacy is fostering international investments, creating jobs, and boosting Nigeria’s economic stability.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has commended President Bola Tinubu’s global economic diplomacy, highlighting its remarkable success in driving foreign investments and strengthening Nigeria’s economic ties.

Speaking to State House correspondents after a meeting with the president in Lagos on Sunday, Edun detailed Tinubu’s fruitful engagements across continents, including visits to Brazil, China, India, Germany, France, and Saudi Arabia. These efforts, he emphasized, have laid a strong foundation for economic partnerships and foreign direct investments.

As a follow-up to these diplomatic missions, Edun recently led a delegation to Riyadh, Saudi Arabia, to deepen the evolving relationship between President Tinubu and Crown Prince Mohammed bin Salman. This high-level delegation included notable figures such as Senator Abubakar Bagudu (Minister of Budget and National Planning), Wale Tinubu (Presidential Economic Coordination Council member), Sanyade Okoli (Special Adviser to the President on Finance and Economy), and Muhammad Abdullahi (Deputy Governor, Central Bank of Nigeria).

The delegation engaged key Saudi entities, including the Saudi EXIM Bank, the Saudi Development Fund, and the Saudi Agricultural and Livestock Investment Company (SALIC). These discussions focused on advancing investment opportunities in Nigeria, particularly in agriculture and financial sectors.

Highlighting a significant milestone, Edun revealed that SALIC recently increased its investment in Olam by $1.2 billion, a move he attributed to Nigeria’s stabilizing macroeconomic environment under Tinubu’s leadership.

“The president has taken critical steps to create a conducive environment for investments. These efforts are already yielding benefits, including foreign exchange inflows, job creation, and economic growth,” Edun noted.

Bagudu also weighed in, describing Tinubu as a reform-driven leader who has earned the respect of Saudi Arabia’s leadership. He compared Tinubu’s bold economic reforms to those introduced by Crown Prince Mohammed bin Salman, who transformed Saudi Arabia’s economy through subsidy removals and VAT reforms.

“The Saudis see in President Tinubu a leader taking courageous steps to reposition Nigeria for greatness. This has strengthened their confidence in partnering with us,” Bagudu said.

Looking ahead, Bagudu expressed optimism about the Nigerian economy, predicting a significant turnaround by 2025. “We’ve made tough choices, and we’re now on a path to lower inflation, better infrastructure, enhanced business support, and improved quality of life for Nigerians,” he affirmed.

With these diplomatic engagements, Nigeria stands poised to attract more investments, foster economic growth, and enhance the well-being of its citizens.