Nigeria And Saudi Arabia Economic Diplomacy Yielding Results -Minister

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Wale E wedun has stated that the nation’s recent economic diplomacy initiatives in Saudi Arabia are already producing significant results.

These, according to Mr Edun includes attracting investments, increasing foreign exchange inflows, and creating job opportunities for Nigerians.

The Minister addressed journalists on Sunday following a meeting, by the Nigerian government team to Saudi Arabia, with President Bola Ahmed Tinubu.

These efforts, he explained, are part of the administration’s broader strategy to attract foreign direct investment, trade partnerships, and financial collaborations.

“What we have brought back is investment. What we have brought back is foreign exchange. What we have brought back is jobs for Nigerians,” Edun said.

Speaking on key achievement of the follow up team, Mr Edun recalled the Saudi Agricultural Livestock Investment Company’s (SALIC) recent $1.2 billion investment in Olam Agri, a support he described as a testament to the President’s reforms and sustainability of Nigeria’s macro-economic environment.

“This type of transaction reflects the success of Mr. President’s strategy. It demonstrates the confidence global investors have in the steps being taken to attract and encourage such investments,” Edun noted.

He stressed that the investments translate into direct job creation for Nigerians, as Saudi Arabia’s focus on investing abroad does not include exporting its own labor force.

“Clearly, where they invest, that is jobs for Nigerians,” he added.

The minister also stressed the government’s ongoing efforts to reduce inflation, particularly food inflation, through initiatives such as dry-season farming, aimed at ensuring a bountiful harvest and lower food prices.

“Every effort is being made to bring down the price of food and the cost of living for the average Nigerian.

“The proof of the pudding is in the eating,” Edun concluded. “When you see jobs being created and Nigeria’s foreign reserves being added to, that is success all Nigerians can understand.” Mr Edun added.

The Nigerian government team that recently undertook a follow-up mission to Saudi Arabia was led by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edu.

The high-level delegation included representatives from the Central Bank of Nigeria, the Ministry of Budget and Economic Planning, and the Presidential Economic Coordination Council.

The Nigerian delegation to Saudi Arabia followed up on President Tinubu’s earlier engagements with Saudi Crown Prince, Mohammed bin Salman.

Olusola Akintonde