Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has expressed optimism about the positive outcomes of President Bola Ahmed Tinubu’s economic diplomacy with countries like Brazil, China, India, Germany, France, and Saudi Arabia.
Speaking to State House Correspondents in Lagos on Sunday after a meeting with the President, Edun highlighted the strides made in fostering international economic collaboration.
As part of these efforts, Edun recently led a delegation to Riyadh, Saudi Arabia, to advance the developing relationship between Nigeria and Saudi Crown Prince Mohammed bin Salman.
The delegation included notable officials such as Sen. Abubakar Bagudu, Minister of Budget and National Planning; Mr. Wale Tinubu, a member of the Presidential Economic Coordination Council; Ms. Sanyade Okoli, Special Adviser to the President on Finance and the Economy; and Mr. Muhammad Abdullahi, Deputy Governor of the Central Bank of Nigeria (Economic Policy).
The team engaged with key Saudi institutions, including the Saudi EXIM Bank, the Saudi Development Fund, and the Saudi Agricultural and Livestock Investment Company (SALIC), to explore investment opportunities.
“Twice in the last year, Mr. President has been in Saudi Arabia, had meetings with the Crown Prince, and talked about trade, economic cooperation, financial cooperation, and collaboration. We just followed up on some of those leads across the various opportunities for foreign direct investment, trade partnerships, and even financial investment,” said Edun.
He disclosed that SALIC had recently increased its investment in Olam by $1.2 billion, further cementing Saudi confidence in Nigeria’s economic potential.
Edun emphasized that President Tinubu’s measures to stabilize Nigeria’s macroeconomic environment were yielding results, adding that the visit’s takeaways included increased foreign investments, enhanced foreign exchange inflows, and job opportunities for Nigerians.
“So, clearly, where they invest, that is jobs for Nigerians. That’s the simplest way I would put it. The Olam transaction was a long time in the works; it was first discussed at the first Business Council Meeting held last year in Saudi Arabia, and it materialized this year,” he said.
Sen. Abubakar Bagudu, speaking to correspondents, noted that Saudi leaders admired Tinubu’s reform-driven leadership. Drawing parallels to Crown Prince Salman’s reforms in Saudi Arabia, Bagudu highlighted Tinubu’s courage in implementing transformative policies despite challenges.
“You can see clear confirmation that they want to stand by this leader because he has taken risks that are unusual, and they celebrate his courage and capacity. For me, that is the number one achievement for our country. The relationship will blossom such that our reserves and our economic ties will improve with the kingdom,” Bagudu said.
Bagudu expressed confidence in the prospects of further investments following the Nigerian delegation’s engagements in Saudi Arabia.
On Nigeria’s economic outlook, he added: “I think we have made the tough choices. What we expect to see in 2025 is a better economy, lower inflation, more employment opportunities, more support for businesses, more infrastructure development, and better funding for security, education, and health. The quality of life will get better.”
(NAN)
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