Nigeria is pursuing a $5 billion trade facility from Saudi Arabia to support its economic reform programme, following talks between President Bola Tinubu and Crown Prince Mohammed bin Salman in Riyadh.
The discussions took place on Monday on the sidelines of the joint Arab-Islamic Summit, where President Tinubu also addressed the Israel-Palestinian conflict. Presidential spokesman Bayo Onanuga confirmed that Nigeria is seeking an agreement with the Saudi government over the proposed bilateral trade facility.
The meeting explored several areas of cooperation, including oil and gas, agriculture, and infrastructure, as well as the establishment of a Saudi-Nigeria Business Council. This potential deal would build upon existing Saudi investments in Nigeria, including the Saudi Agricultural and Livestock Investment Company’s (SALIC) $1.24 billion stake in Olam Agri acquired in 2022.
During the summit, hosted by King Salman and Crown Prince Mohammed bin Salman, Tinubu called for an immediate ceasefire in Gaza and advocated for a two-state solution to the Israeli-Palestinian conflict. “Empty condemnations are not enough to end the conflict in Palestine, which has persisted for far too long,” Tinubu stated.
The Nigerian delegation included Foreign Affairs Minister Ambassador Yusuf Tuggar, National Security Adviser Nuhu Ribadu, and Information Minister Mohammed Idris. President Tinubu returned to Abuja on Tuesday evening, where he was received by Chief of Staff Femi Gbajabiamila and other government officials.
The proposed $5 billion facility would represent a significant expansion of Saudi-Nigerian economic ties, with discussions ongoing for SALIC to potentially increase its investment in Nigeria’s agricultural sector.
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