Saudi Arabia Plan Massive Investment In Nigerian Infrastructure

The Federal Ministry of Finance has disclosed that the government of Saudi Arabia is planning to invest heavily in Nigeria’s infrastructural sector. According to a statement released by the spokesman of the ministry, Mr. Mohammed Manga in Abuja yesterday, the effort followed a high-level Nigerian delegation’s visit to the oil-rich Gulf nation,

The delegation was led by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun to engaged key Saudi Ministers and institutions in bilateral talks during the visit.

According to the statement, “The delegation held strategic talks with the Saudi Development Fund to explore potential areas of collaboration aimed at boosting infrastructure and economic development in Nigeria.

“The delegation also met with the Saudi Agricultural and Livestock Investment Company (SALIC) to advance ongoing conversations about their investments in Nigeria. SALIC reaffirmed its commitment to exploring further opportunities, emphasizing responsible investment practices that prioritize food security, output growth, and job creation in Nigeria.

“In a series of high-level meetings, the Nigerian delegation engaged with key Saudi Ministers, including those responsible for Finance, Energy, Economy and Planning, further cementing bilateral cooperation across vital sectors.

“During the visit, the delegation engaged in high-level discussions with Saudi EXIM Bank, focusing on developing export credit and insurance frameworks as well as in expanding market access between the two nations.

“The bank expressed interest in deepening relationships with Nigerian institutions and participating in future transactions involving Saudi Government entities.”

Other members on the Nigeria’s entourage to Saudi Arabia included: Sen. Abubakar Atiku Bagudu, Minister of Budget and National Planning; Mr. Wale Tinubu, member of the Presidential Economic Coordination Council; Ms. Sanyade Okoli, Special Adviser to the President on Finance and the Economy; and Mr. Muhammad Sani Abdullahi, Deputy Governor (Economic Policy) of the Central Bank of Nigeria.