Nigeria Proposes $5bn Bilateral Trade With Saudi Arabia

 

Nigeria has proposed a $5 billion bilateral trade agreement with Saudi Arabia to bolster economic relations between the two nations.

In a statement on Tuesday, Special Adviser to the President on Information and Strategy, Bayo Onanuga, the proposal was tabled during a high-level meeting between President Bola Ahmed Tinubu and Saudi Crown Prince Mohammed bin Salman at the Arab-Islamic Summit held in Riyadh.

President Tinubu, while engaging with the Saudi Crown Prince and Prime Minister, emphasized Nigeria’s readiness to strengthen economic cooperation in vital sectors, including oil and gas, agriculture, and infrastructure development.

The discussion also focused on the establishment of the Saudi-Nigeria Business Council, aimed at fostering deeper ties and facilitating investments.

The meeting highlighted Saudi Arabia’s existing stake in Nigeria’s agricultural sector through the Saudi Agricultural and Livestock Investment Company (SALIC), which invested $1.24 billion in 2022 to acquire a 35.43% share in Olam Agri, one of Nigeria’s leading agro-allied firms.

Efforts are underway to expand this investment and position Olam Agri as a global leader in agro-allied businesses.

In his remarks, Crown Prince Mohammed bin Salman praised President Tinubu’s economic reforms, drawing parallels to Saudi Arabia’s Vision 2030 initiative, which he spearheaded to transform the kingdom’s economy.

He assured Nigeria of unwavering support and directed his team to expedite the realization of the proposed partnerships.

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The summit also served as a platform for Nigeria and other members of the Joint Arab-Islamic Ministerial Committee to discuss peace-building efforts in Gaza and Lebanon.

The committee, led by Saudi Arabia and including foreign ministers from Nigeria, Egypt, Qatar, Turkey, and other key nations, reaffirmed its commitment to securing peace in the region.

Resolutions from the summit emphasized the need to protect sea lanes under international law and support Palestinian sovereignty.

Leaders at the summit condemned ongoing Israeli military actions in Gaza, describing them as crimes against humanity, and called for the unification of the West Bank, Gaza Strip, and East Jerusalem under a sovereign Palestinian state.

President Tinubu, in his address, expressed Nigeria’s dedication to global peace and stability, urging sustained international collaboration to address the challenges in the Middle East.