The Minister of Finance, Wale Edun, has announced that Saudi Arabia’s recent $1.2 billion investment in Olam Agri Holdings will create more jobs and increase foreign exchange inflows for Nigeria.
Speaking on Sunday after meeting with President Bola Tinubu in Lagos, Edun disclosed that Saudi Arabia’s SALIC International Investment Company acquired a 35.43% stake in Olam Agri Holdings, valuing the company at $3.5 billion.
Edun, alongside Budget Minister Atiku Bagudu, had visited Saudi Arabia to solidify investment pledges made during President Tinubu’s diplomatic engagements.
Highlighting the deal’s significance, Edun emphasized its potential to stabilize Nigeria’s macroeconomic environment and create employment for Nigerians.
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Bagudu added that the Saudi Crown Prince’s respect for President Tinubu was instrumental in fostering bilateral investments.
The ministers expressed optimism for Nigeria’s economic outlook in 2025, forecasting reduced inflation, increased employment, and enhanced business support.
“This investment shows confidence in Nigeria’s economic reforms under President Tinubu’s leadership,” Edun said.
