This initiative follows a number of senior-level discussions that took place in Riyadh, Saudi Arabia, as detailed in a statement released by the Federal Ministry of Finance on Tuesday.
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, led a delegation to the Kingdom on behalf of President Bola Tinubu and the Presidential Economic Coordination Council.
The purpose of the visit was to strengthen bilateral economic ties and identify new avenues for cooperation between the two countries.
During the trip, the delegation participated in high-level talks with Saudi EXIM Bank, concentrating on the development of export credit and insurance frameworks, as well as enhancing market access for both nations.
The statement indicated that Saudi EXIM Bank showed a keen interest in fostering relationships with Nigerian institutions and engaging in future transactions involving Saudi governmental bodies.
Furthermore, the delegation conducted strategic discussions with the Saudi Development Fund to identify potential collaborative efforts aimed at enhancing infrastructure and economic growth in Nigeria. They also met with the Saudi Agricultural and Livestock Investment Company (SALIC) to further their ongoing discussions regarding investments in Nigeria.
SALIC reiterated its dedication to seeking additional opportunities, highlighting investment practices that prioritize food security, production growth, and job creation in Nigeria.
Throughout a series of high-level meetings, the Nigerian delegation interacted with key Saudi ministers, including those overseeing Finance, Energy, and Economy and Planning, thereby reinforcing bilateral cooperation across essential sectors.
The Federal Government is pursuing a $5 billion trade loan from Saudi Arabia to bolster its economic reform initiatives. This request emerged after a meeting between President Bola Tinubu and Saudi Crown Prince Mohammed bin Salman during the Joint Arab-Islamic Summit in Riyadh in November.
In May, both countries had committed to enhancing their bilateral relations and exploring investment opportunities in agriculture and trade, as stated by the Ministry of Information. By November 2023, their discussions expanded to encompass technology, telecommunications, oil and gas, and mining, indicating a strengthening partnership.
Nigeria and Saudi Arabia have maintained strong diplomatic ties, supported by their shared membership in organizations such as the Organization of Petroleum Exporting Countries (OPEC) and the Organization of Islamic Cooperation (OIC). Recent interactions suggest a strategic shift towards utilizing these connections to promote economic growth and development.
Key points to note include the Tinubu administration's increased focus on fortifying Nigeria’s relationship with Saudi Arabia, highlighted by President Bola Tinubu’s three visits to the Kingdom since he took office.
Last year, the federal government reinstated the Saudi-Nigeria Business Council, an initiative that had been halted during President Muhammadu Buhari's tenure. This move aims to enhance economic collaboration and create mutual investment opportunities between the two nations.
The Nigerian delegation visiting Saudi Arabia comprises Senator Abubakar Atiku Bagudu, Minister of Budget and National Planning; Mr. Wale Tinubu, a 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.