By John Joseph
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Nigeria and Saudi Arabia have embarked on a mission to bolster their economic relationship, with a focus on export credit and infrastructure development. According to a statement from the Ministry of Finance, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, led a Nigerian delegation to Riyadh to strengthen economic cooperation with Saudi Arabia.
During the official visit, Edun represented President Bola Tinubu and the Presidential Economic Coordination Council (PECC). The delegation engaged in high-level discussions with the Saudi Export-Import (EXIM) Bank, focusing on developing export credit and insurance frameworks to boost market access between the two nations. The bank expressed interest in deepening relationships with Nigerian institutions and participating in future transactions with Saudi government entities.
The delegation also held strategic talks with the Saudi Development Fund to explore potential areas of collaboration aimed at boosting infrastructure and economic development in Nigeria. Furthermore, they met with the Saudi Agricultural and Livestock Investment Company (SALIC) to advance ongoing conversations about their investments in Nigeria. SALIC reiterated its commitment to seeking additional investment opportunities, emphasizing its focus on responsible practices aimed at enhancing food security, boosting agricultural output, and creating jobs in Nigeria.
In addition to these discussions, the Nigerian delegation held talks with prominent Saudi ministers responsible for finance, energy, and economy and planning. This move further strengthens bilateral collaboration across critical sectors. Accompanying Edun on the delegation were Abubakar Bagudu, Minister of Budget and National Planning; Wale Tinubu, a member of the Presidential Economic Coordination Council; Sanyade Okoli, Special Adviser to the President on Finance and the Economy; and Muhammad Abdullahi, Deputy Governor for Economic Policy at the Central Bank of Nigeria (CBN).
This development is a significant step towards strengthening economic ties between Nigeria and Saudi Arabia. The two nations have been working to enhance their relationship, with a focus on trade, investment, and economic development. The Nigerian government has been actively seeking to diversify its economy and attract foreign investment, and this move is seen as a positive step in that direction.
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