President Bola Ahmed Tinubu has again demonstrated his seriousness about charting a sustainable course for Nigeria’s prosperity, using the tool of foreign policy and engagement. On his second trip to the Middle East as President, he attended the Saudi-African Summit convened by the King of the Kingdom of Saudi Arabia, and Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, on Friday, November 10, 2023.
President Tinubu joined other African leaders in the discussions, that centered on strengthening longstanding relations with a country that has successful translated its wealth of natural resource into solid economic and geopolitical standing on the world stage.
From the Nigerian perspective, there is no doubt a lot that we can learn from and partner with Saudi Arabia on, starting with their successful efforts in diversifying an economy that has historically relied almost exclusively on oil and gas. In recent years, Saudi Arabia has demonstrated great seriousness towards building a post-oil economy that is also a world leader in the green economy, charting a path that Nigeria can follow in.
Nigeria and Saudi Arabia have a long and robust diplomatic history, dating back six decades. In 2003, we established a Binational Commission, and in 2019 agreed to establish a Joint Business Council, which President Tinubu is now very keen to make an immediate reality.
Saudi Arabia has also over the decades been active in humanitarian and philanthropic interventions in Nigeria, through such institutions as the King Salman Humanitarian Aid and Relief Centre. President Tinubu made sure to express gratitude to the King in this regard, while also acknowledging the efforts of Nigerian professionals who are contributing to the Saudi economy in various sectors, including medicine and sports.
Speaking at the Summit, President Tinubu alluded to the evolving nature of the relationship between the two countries. He said, “Within the past six decades, our bilateral cooperation, which was initially hajj-centric, has witnessed diversification to cover a number of areas of common interest.”
The President seized the occasion to highlight two very important messages which he has always stressed in his engagements with foreign governments and businesses: the bold economic reforms—in the areas of petrol subsidy and foreign exchange management—that he wasted no time introducing upon assumption of office, and the fact that, under his watch, Nigeria is fully open for business and investment, and will do everything to protect the sanctity of all domestic and foreign investment.
These are two of the key planks upon which the lasting social and economic prosperity of Nigeria will be built. The first one will free up significant amounts of resources for investment in infrastructure, social investment and food security, while the second one will attract the capital required to build a globally competitive economy.
Everywhere the President has been, abroad, and even at home, he takes the pains to emphasize and reiterate these two foundational messages, an affirmation of his belief in the fact that as President, he is the Chief Marketing Officer (CMO) of Nigeria.
At the end of the Summit, the leaders agreed to set up Working Groups in the areas of Politics, Security and Military Affairs; Economic, Trade and Investment Affairs; Cultural and Educational Affairs; and Humanitarian and Health Affairs. These Working Groups are expected to commence work within the next six months.
Two important engagements happened on the sidelines of the Summit, which are very crucial to the economic development of Nigeria, and to the realization of President Tinubu’s Renewed Hope Agenda.
The first engagement was a bilateral meeting between the President and the Crown Prince of the Kingdom, His Royal Highness Mohammed bin Salman bin Abdulaziz Al Saud, on Friday November 10. Two very beneficial Saudi pledges to Nigeria emerged from this bilateral meeting, which I was privileged to attend: the first was a pledge that Saudi Aramco will invest in the revamp of Nigeria’s state-owned oil refineries, with a view to ensuring completion within three years, while the second was a pledge to support the Central Bank of Nigeria’s ongoing reforms by making available a substantial dollar-denominated deposit to boost forex liquidity.
These are two transformational investments that will go a long way in stabilizing and strengthening President Tinubu’s economic reform agenda, and help fast-track the journey towards reaping the full benefits of these reforms. In addition, the Saudi Government pledged to invest in agriculture and food security in Nigeria, as well as public infrastructure; two of the many areas in which it has recorded laudable domestic successes.
The second Presidential engagement was the Nigeria-Saudi Investment Roundtable, which the President chaired himself, just as he did with the Nigeria-India Business Roundtable in New Delhi in September, on the sidelines of the G20 Summit hosted by India. The President has always shown his determination to be a hands-on leader, and he utilizes every available opportunity to send this message out to the world.
The Roundtable was attended by a high-powered Saudi delegation, including the Ministers of Trade and Investment, and of Commerce, as well as several Saudi business leaders drawn from a wide range of sectors. On the Nigerian side, in addition to Mr. President, there were also Cabinet Ministers, including my colleagues in the Ministries of Finance; Budget & Economic Planning; Industry, Trade & Investment; Solid Minerals; Communications, Innovation & Digital Economy; Agriculture; Humanitarian Affairs & Poverty Alleviation, and Petroleum Resources (Oil).
Subnational Governments were represented by the Governors of Bauchi, Niger and Katsina States, while the private sector had leaders like Alhaji Aliko Dangote (Dangote Group); Gilbert Chagoury (Chagoury Group); Mr. John Coumantaros (Flour Mills of Nigeria) and Mr. Wale Tinubu (Oando) in attendance.
Again, at this Roundtable, President Tinubu reiterated the two key messages of Reform and Openness. He said, “When I took office, I declared the immediate commencement of bold and fundamental economic reforms. We have executed them, and we sustain the reform process,” adding, “I believe in the full application of free market economics. Your money will flow easily in and easily out.”
The following day, Saturday, November 11, the Organisation of Islamic Cooperation (OIC) held an Extraordinary Summit, also in Riyadh, at which President Tinubu was represented by the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, and which I attended.
The Summit condemned in strong terms Israel’s ongoing military offensive in Gaza, calling for an immediate halt to all Israeli military operations. The Summit also asked the UN Security Council to “adopt an immediate resolution condemning Israel’s barbaric destruction of hospitals in the Gaza Strip, the prevention of the entry of medicine, food and fuel into it, and the cutting-off of electricity, water supply and basic services, including communication and internet services, being a collective punishment that constitutes a war crime under international law.”
Earlier, at the Saudi-African Summit, President Tinubu had reiterated Nigeria’s position, which is an insistence on an immediate ceasefire, and the implementation of a peaceful resolution to the crisis. The President is determined to ensure that Nigeria’s voice is heard on all key issues affecting the world; a Nigeria that is bold and vocal about what it desires, in all areas.
A little over a week after the Saudi trip, President Tinubu was again on the move, this time to Berlin, Germany, on the invitation of German Chancellor Olaf Scholz, to attend the G20 Compact with Africa (CwA) Conference, on November 20, 2023. To better appreciate the importance of the relationship, it should be remembered that Germany and Nigeria share the distinction of being the continental economic giants of Europe and Africa respectively.
For President Tinubu, it was yet another Chief Marketing Officer (CMO) opportunity. First, he was on a panel that discussed the theme, “Fostering local value chains and investments in Africa – The role of the German private sector”, where he noted that since his assumption of office, “we have embarked on transformative changes, removing all obstacles hindering businesses.”
Then he attended a Bilateral Meeting with Chancellor Scholz, following up on the Bilateral Meeting that they held just three weeks ago, when the Chancellor was in Abuja on an Official Visit. The two leaders further discussed infrastructure (energy and rail), mining, manufacturing, and curbing illegal migration. President Tinubu also met with Germany’s President, and Head of State, Frank-Walter Steinmeier.
To cap it all, President Tinubu hosted and presided over a German-Nigerian Business Forum, just as he had done in Saudi Arabia. Two major MOUs were signed on this occasion: the first one between Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany, on a gas export partnership that will see Nigeria exporting around a million tonnes of LNG per annum to Germany, while the other one was between Union Bank of Nigeria and DWS Group on cooperation in renewable energy, valued at $500m.
The President reminded the audience of his solid track record, both in the private and public sectors, which has prepared him for this assignment leading one of the most important emerging economies in the world. “’You can rely on us; we can rely on you; both of us can chorus Hallelujah at the same time,” he declared.
Very similar emphatic concluding words, to his declaration at the Saudi-Nigeria Business Roundtable, after listening to various pitches and presentations from the Saudi businesses present: “I am determined to be your partner in progress and prosperity. Nigeria will reward your faith. Our people are ready, and we will not disappoint!”
