In a strategic move to bolster bilateral economic cooperation, Nigeria and Saudi Arabia have initiated discussions focusing on export credit frameworks and infrastructure development. This was revealed in a statement issued by Nigeria’s Ministry of Finance on Tuesday, highlighting the official visit of the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, to Riyadh, Saudi Arabia.
Mr. Edun led the Nigerian delegation on behalf of President Bola Tinubu and the Presidential Economic Coordination Council (PECC). The visit marked a significant step in fostering stronger economic relations between the two nations.
During the visit, the delegation engaged in high-level discussions with the Saudi Export-Import (EXIM) Bank. Talks centered on the development of export credit and insurance frameworks aimed at enhancing market access and trade between Nigeria and Saudi Arabia. The EXIM Bank expressed its intent to deepen collaboration with Nigerian institutions and participate in future transactions with Saudi government entities.
The delegation also held discussions with the Saudi Development Fund, exploring potential areas of partnership to advance Nigeria’s infrastructure and economic growth. These talks underscored Saudi Arabia’s commitment to supporting developmental initiatives in Nigeria.
In addition, the Nigerian team met with the Saudi Agricultural and Livestock Investment Company (SALIC) to build on ongoing discussions about investments in Nigeria. SALIC reaffirmed its dedication to responsible investment practices, emphasizing projects designed to enhance food security, increase agricultural output, and create employment opportunities in Nigeria.
The visit also featured meetings with key Saudi government officials, including ministers overseeing finance, energy, and economic planning. These discussions reinforced bilateral ties across critical sectors, including trade, energy, and infrastructure development.
The Nigerian delegation included notable government and economic leaders:
Abubakar Bagudu, Minister of Budget and National Planning
Wale Tinubu, Member of the Presidential Economic Coordination Council
Sanyade Okoli, Special Adviser to the President on Finance and the Economy
Muhammad Abdullahi, Deputy Governor for Economic Policy at the Central Bank of Nigeria
The visit highlights Nigeria’s commitment to strengthening international partnerships to drive economic growth and development. The collaboration with Saudi Arabia holds promise for enhanced trade relations, investment inflows, and infrastructure development, positioning Nigeria for sustained growth in key sectors.
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