Nigeria’s recent economic diplomacy efforts in Saudi Arabia are already delivering tangible benefits, including increased foreign exchange inflows, job creation, and substantial foreign investments, according to Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.
Speaking to journalists after a briefing with President Bola Tinubu, Edun highlighted the achievements of the Nigerian government team that recently visited Saudi Arabia on a follow-up mission. He noted that the country’s drive to strengthen economic ties with Saudi Arabia had begun to bear fruit, particularly in the agricultural and industrial sectors.
One of the most significant outcomes of the visit is the Saudi Agricultural Livestock Investment Company’s (SALIC) $1.2 billion investment in Olam Agri, a major player in Nigeria’s agricultural sector. Edun described this as a strong endorsement of President Tinubu’s economic reforms and the stabilization of the nation’s macroeconomic environment.
“This $1.2 billion investment by SALIC underscores the growing confidence in Nigeria’s economic policies and the improved business environment we are fostering,” Edun said.
“Such investments are not just about capital inflows; they are about creating jobs and empowering Nigerians. Importantly, Saudi Arabia’s investment focus abroad does not include exporting its labor force, which means the jobs created will directly benefit Nigerians.”
The Minister also emphasized that this development is part of the broader economic strategy being pursued under President Tinubu’s administration. He cited the government’s proactive engagement with international investors and efforts to build strategic partnerships as critical steps in repositioning Nigeria as a global investment hub.
The SALIC investment in Olam Agri is expected to bolster the agricultural sector significantly, driving innovation, increasing production capacity, and enhancing Nigeria’s food security. It also aligns with Saudi Arabia’s broader goals of diversifying its investments globally and contributing to sustainable agricultural practices.
President Tinubu, who has prioritized attracting foreign direct investment to stimulate economic growth, commended the success of the diplomatic mission. He reiterated his administration’s commitment to implementing policies that will make Nigeria an attractive destination for investors.
This development comes as Nigeria continues to focus on stabilizing its economy, diversifying revenue streams, and addressing unemployment. The partnership with SALIC is seen as a milestone in the nation’s journey toward economic transformation.
The Minister concluded by expressing optimism about the potential for further collaboration with Saudi Arabia, particularly in other sectors such as energy and infrastructure.
“This is just the beginning of a fruitful relationship with Saudi Arabia,” Edun remarked. “We are confident that more investments will follow as we continue to showcase Nigeria’s vast opportunities and potential to the global community
