Saudi Crown Prince Meets Tinubu, Backs Nigeria’s Economic Reforms

The Saudi Crown Prince and Prime Minister of Saudi Arabia, Prince Mohammed bin Salman bin Abdulaziz Al Saud, has assured Nigeria of support for its economic reform programmes.

The assurance came when the Crown Prince and President Bola Tinubu met on Monday in Riyadh on the sidelines of the joint Arab-Islamic Summit.

According to a statement by Presidential spokesman, Bayo Onanuga, the two leaders explored potential areas for cooperation, particularly oil and gas, agriculture, infrastructure and the constitution of the Saudi-Nigeria Business Council.

Nigeria sought an agreement with the Saudi government over a proposed $5 billion bilateral trade facility between the two countries.

The Saudi Agricultural and Livestock Investment Company (SALIC) invested $1.24 billion in 2022 to acquire a 35.43% stake in Olam Agri, one of Nigeria’s leading agricultural firms.

Talks were also being held so that SALIC can have more stake in the company.

The Saudis hoped the investment would make Olam one of the biggest agro-allied businesses in the world.

The Crown Prince commended President Tinubu’s economic reforms, noting similarities to his steps to strengthen Saudi Arabia’s stability and development when he became Prime Minister.

He also assured Nigeria of his support and promised to motivate his team to realise the various areas of partnerships discussed at the meeting.

At the meeting with the Crown Prince were the Saudi Minister of National Guard, Prince Abdullah bin Bandar bin Abdulaziz; the Minister of Defence, Prince Khalid bin Salman bin Abdulaziz, and several senior officials.