From L-R: Khalid Al Falih- Minister of Investment, Saudi Arabia, Dr. Majid Alkassabi -Minister of Commerce, Chairman of Board of Directors of General Authority of Foreign Trade, Saudi Arabia, His Excellency, President of Nigeria, Bola Tinubu, Honourable Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, and the Minister of Finance and Coordinating Economy, Wale Edun at the Nigeria-Saudi Investment Roundtable in Riyadh, Saudi Arabia.*
Nigeria’s Industry, Trade, and Investment Minister, Dr. Doris Uzoka-Anite, reassured Saudi investors during the Nigeria-Saudi Investment Roundtable in Riyadh that President Bola Ahmed Tinubu’s administration is actively implementing initiatives to enhance the business environment. Dr. Uzoka-Anite highlighted the removal of bottlenecks and ongoing system cleanup to create a more favorable climate for foreign investors.
Emphasizing the alignment with the Renewed Hope Agenda’s 8-point priority areas, the Minister mentioned President Tinubu’s significant reforms, including the withdrawal of the fuel subsidy regime and unification of forex exchange windows. Other Nigerian Ministers joined the event, sharing insights into their respective sectors and bolstering confidence in Saudi investors.
Leveraging testimonies from prominent Nigerian businessmen like Alhaji Aliko Dangote, Dr. Uzoka-Anite encouraged investors to tap into Nigeria’s youthful population and vast human capital for substantial returns on investments. Saudi businessmen present expressed optimism and indicated their intent to deepen business ties with Nigeria, promising increased investments across various sectors.
The highlight of the Roundtable was the establishment of the Nigeria-Saudi Business Council, solidifying the economic relationship. The inaugural meeting is scheduled for the first quarter of 2024 in Nigeria. Notably, the Saudi government pledged to send a sizable business delegation during this period to explore investment opportunities, with Dr. Uzoka-Anite coordinating the visit.
A pivotal outcome was the signing of an Economic and Technical Cooperation pact between Nigeria and Saudi Arabia. Additionally, the Joint Business Council between The Federation of Saudi Chambers of Commerce and The Nigeria-Saudi Chambers of Commerce, Industry, Mines, Agriculture was formed.
The event concluded with the Nigerian Minister of Finance & Coordinating Economy expressing gratitude for Saudi hospitality and inviting them to witness a new era of investment opportunities in Nigeria.