In a significant diplomatic engagement, Saudi Crown Prince and Prime Minister, Mohammed bin Salman bin Abdulaziz Al Saud has assured Nigeria of robust support for its ongoing economic reform programmes.
He gave this assurance during a bilateral meeting with President Bola Ahmed Tinubu on Monday in Riyadh, on the sidelines of the joint Arab-Islamic Summit.
The high-level discussion between the two leaders focused on expanding cooperation in key sectors, including oil and gas, agriculture, and infrastructure.
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They also discussed the establishment of the Saudi-Nigeria Business Council, which aims to bolster trade and investment ties between the nations.
Notably, Nigeria is seeking a $5 billion bilateral trade agreement with Saudi Arabia to further stimulate economic growth.
One of the standout points of collaboration is the involvement of the Saudi Agricultural and Livestock Investment Company (SALIC), which made a substantial investment of $1.24 billion in 2022 to acquire a 35.43% stake in Nigeria’s Olam Agri.
Current negotiations seek to increase SALIC’s participation in the firm, enhancing its potential to become a global agro-allied leader.
The Crown Prince also lauded President Tinubu’s economic reforms, drawing parallels to the strategies he employed to fortify Saudi Arabia’s growth when he assumed the position of Prime Minister.
He expressed confidence in the partnership and committed to ensuring that discussions from the meeting materialize into actionable projects.
In attendance at the meeting were Prince Abdullah bin Bandar bin Abdulaziz, the Saudi Minister of National Guard, Prince Khalid bin Salman bin Abdulaziz, the Minister of Defense, along with senior officials.
Separately, the joint Arab-Islamic Summit, convened in Riyadh on November 11, 2024, has renewed the mandate of Nigeria and other member states on the Ministerial Committee.
This committee, originally established during the first summit in 2023, is tasked with seeking solutions to the conflict in Gaza and Lebanon.
The resolution urged the committee to amplify efforts and extend its diplomatic activities to address the aggression affecting Lebanon, with periodic progress reports to be shared with member states by the OIC and League of Arab States.
The committee, led by Saudi Arabia and comprising foreign ministers from Nigeria, Egypt, Qatar, Turkey, Indonesia, Palestine, and Jordan, is set to deepen engagement with leaders across the Global South to build broader international consensus aimed at ending hostilities and the Israeli occupation.
The summit’s resolutions highlight a collective push towards peace and stability in the region, reflecting shared aspirations among participating nations.
