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Nigeria and Saudi Arabia are forging closer economic ties, with a strong emphasis on infrastructure and industrial development.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, recently hosted a high-level delegation from the Saudi Fund for Development (SFD), led by its CEO, Mr. Sultan Al-Marshad.
Saudi Arabia’s Ambassador to Nigeria, His Excellency Faisal Alghamdi, Nigeria’s Minister of Trade and Investment, Dr. Jumoke Oduwole, and the Minister of State for Finance, Dr. Doris Uzoka-Anite, attended the meeting.
The discussions focused on key areas of economic collaboration, including industrial development, renewable energy, and infrastructure investments. These initiatives aim to drive economic growth, job creation, and poverty reduction in both countries.
“We have laid a strong foundation for collaboration, and over the next six months, we expect to make significant progress on our first joint infrastructure project,” Minister Edun stated.
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He praised Saudi Arabia’s impressive economic achievements under its Vision 2030 initiative, particularly in the tourism and infrastructure sectors, and reaffirmed Nigeria’s commitment to similar ambitious reforms under President Bola Ahmed Tinubu’s leadership.
Mr. Sultan Al-Marshad, on behalf of the SFD, reiterated Saudi Arabia’s dedication to fostering economic cooperation with Nigeria. He confirmed that the SFD is prepared to finance major infrastructure projects in the country and proposed the appointment of a designated Nigerian counterpart to streamline project prioritisation and communication for efficient execution.
“This visit marks an important milestone in our efforts to foster sustainable development between our two nations. We are confident that through strategic planning and visionary leadership, we will achieve mutual prosperity,” Edun added.
The meeting highlights a renewed commitment by both Nigeria and Saudi Arabia to advance sustainable development and economic growth through strategic partnerships and shared priorities.
Nigeria and Saudi Arabia Forge Stronger Economic Ties with Focus on Infrastructure and Industrial Development
In a major step toward strengthening economic cooperation, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, hosted a high-level… pic.twitter.com/QH65LSyKak
— Federal Ministry of Finance (@FinMinNigeria) February 21, 2025
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