Saudi Arabia’s Crown Prince and Prime Minister, Mohammed bin Salman, praised Nigerian President Bola Tinubu’s economic reforms, emphasizing shared goals for national stability and growth. This development was announced by Presidential Spokesman Bayo Onanuga on the sidelines of the Joint Arab-Islamic Summit in Riyadh, Saudi Arabia’s capital.
During the meeting, Tinubu and Prince Mohammed discussed collaborations across oil and gas, agriculture, infrastructure, and the establishment of the Saudi-Nigeria Business Council. The Crown Prince lauded Tinubu’s initiatives, drawing parallels to his own reforms aimed at Saudi Arabia’s advancement.
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Saudi Arabia reaffirmed its support for Nigeria, with the Crown Prince pledging to drive his team toward realizing these collaborative goals. Talks are underway for a $5 billion bilateral trade facility, as Nigeria seeks to deepen ties with Saudi Arabia. Additionally, the Saudi Agricultural and Livestock Investment Company (SALIC), which acquired a 35.43% stake in Nigeria’s Olam Agri for $1.24 billion in 2022, is exploring options to expand its investment.
Saudi officials hope this expanded partnership will elevate Olam Agri to become one of the world’s leading agro-allied companies, fostering growth and cooperation between the two nations.
