Nigeria, Saudi Arabia Expand Economic Ties, Seek More Investment

Nigeria and Saudi Arabia are exploring broader economic cooperation in agriculture, energy, investment, aviation, financial technology and trade as both countries seek to strengthen their longstanding bilateral relations.

The minister of Information and National Orientation, Mohammed Idris, disclosed this on Wednesday in Abuja at a reception held to commemorate the 96th National Day of the Kingdom of Saudi Arabia.

Idris said relations between the two countries had evolved beyond traditional areas of engagement, creating new opportunities for economic and strategic partnerships.

“Today, our relationship is also taking on a broader economic and strategic dimension. Nigeria and Saudi Arabia have opportunities to deepen cooperation in areas such as agriculture, energy, investment, aviation, financial technology and trade,” he said.

According to him, cooperation in these sectors could generate practical benefits for both countries while further strengthening their economic ties.

The minister said Nigeria and Saudi Arabia had maintained close relations over the years based on shared history, faith, people-to-people contacts and common interests.

He noted that Nigerians had continued to travel to Saudi Arabia for pilgrimage, education, business and other purposes, contributing to the longstanding relationship between the two countries.

Idris also said Nigeria could learn from Saudi Arabia’s development experience as the Federal Government implements economic reforms under President Bola Tinubu’s Renewed Hope Agenda.

He said the reforms were aimed at strengthening the economy, improving the investment climate, expanding infrastructure and creating more opportunities for Nigerians.

The minister said the government was investing in road and rail infrastructure, working to improve electricity supply and introducing reforms in the oil and gas sector.

He added that agriculture, manufacturing, digital technology, and the creative economy were also receiving increased attention as part of efforts to diversify Nigeria’s economy.

On investment, Idris said the Federal Government was working to attract more long-term capital by creating clearer and more predictable frameworks for investors.

He said recent reforms in the deep offshore sector were intended to unlock new investments while increasing Nigerian participation in the industry.

“We welcome Saudi investors and businesses that are interested in Nigeria. There is considerable room for cooperation in agriculture and food production, energy, infrastructure, mining, technology and other productive sectors,” he said.

Idris commended the Embassy of Saudi Arabia for its efforts to promote stronger relations between the two countries.

He said increased trade, investment, exchanges and partnerships would provide further opportunities to expand bilateral cooperation.The minister congratulated the government and people of Saudi Arabia on the Kingdom’s 96th National Day and wished the country continued peace and prosperity.